Former state school employee Petty paid in $160K to teachers' pension fund, could collect $3.48M in retirement

By East Central Reporter Reports

Jul 1, 2018

Former state school employee Gregory Petty, who retired in June 2018, saved $160,095 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Petty would collect as much as $3.48 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Petty received $73,175 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Petty will have already received $226,176 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Eastern Il Area Spec Educ Coop

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