Former state school employee Wittes paid in $205K to teachers' pension fund, could collect $5.41M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Michael Wittes, who retired in May 2018, saved $204,947 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wittes would collect as much as $5.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Wittes received $113,686 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wittes will have already received $230,783 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Warren Township High School District 121

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