Former state school employee Honiotes paid in $122K to teachers' pension fund, could collect $2.3M in retirement

By Local Labs News Service

Apr 1, 2017

Former state school employee Michelle Honiotes, who retired in March 2017, saved $122,456 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Honiotes would collect as much as $2.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Honiotes received $48,293 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Honiotes will have already received $149,269 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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