Former state school employee Whitehead paid in $66K to teachers' pension fund, could collect $963K in retirement

By Local Labs News Service

Feb 1, 2017

Former state school employee Deana Whitehead, who retired in January 2017, saved $66,303 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Whitehead would collect as much as $963,350, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Whitehead received $20,248 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Whitehead will have already received $84,709 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Waukegan Community Unit School District 60

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