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Lake County Gazette

Tuesday, April 23, 2024

Former state school employee Bettina paid in $235K to teachers' pension fund, could collect $4.76M in retirement

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Former state school employee Joseph Bettina, who retired in May 2018, saved $234,803 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bettina would collect as much as $4.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bettina received $100,021 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bettina will have already received $309,156 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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