Lake County Gazette

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Former state school employee Proffitt paid in $70K to teachers' pension fund, could collect $991K in retirement

Schools

By Local Labs News Service | Jan 1, 2017

Money 05

Former state school employee David Proffitt, who retired in December 2016, saved $70,432 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Proffitt would collect as much as $991,188, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Proffitt received $20,834 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Proffitt will have already received $87,162 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lake Zurich Community Unit School District 95

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