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South Central Reporter

Saturday, November 23, 2024

Former state school employee Rittenhouse paid in $190K to teachers' pension fund, could collect $4.42M in retirement

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Former state school employee Janet Rittenhouse, who retired in May 2017, saved $189,978 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rittenhouse would collect as much as $4.42 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Rittenhouse received $92,953 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rittenhouse will have already received $287,309 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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