Former state school employee Lutz paid in $127K to teachers' pension fund, could collect $3.01M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Betsy Lutz, who retired in May 2016, saved $127,066 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lutz would collect as much as $3.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Lutz received $63,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lutz will have already received $128,235 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Morris School District 54

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