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McLean County Times

Tuesday, November 26, 2024

Former state school employee Kritzmire paid in $152K to teachers' pension fund, could collect $2.82M in retirement

Money 03

Former state school employee Decher Kritzmire, who retired in May 2016, saved $152,352 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, Kritzmire would collect as much as $2.82 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Kritzmire received $59,284 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kritzmire will have already received $183,242 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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