Former state school employee Greenwood paid in $142K to teachers' pension fund, could collect $3.39M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Penny Greenwood, who retired in June 2018, saved $142,454 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Greenwood would collect as much as $3.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Greenwood received $71,297 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Greenwood will have already received $144,733 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Public School District 86

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