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Illinois Valley Times

Friday, December 27, 2024

Former state school employee Hewitt paid in $66K to teachers' pension fund, could collect $1.21M in retirement

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Former state school employee Kathleen Hewitt, who retired in May 2017, saved $66,457 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hewitt would collect as much as $1.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Hewitt received $25,363 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hewitt will have already received $78,395 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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