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McHenry Times

Monday, November 25, 2024

Former state school employee Bettcher paid in $230K to teachers' pension fund, could collect $5.16M in retirement

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Former state school employee Mark Bettcher, who retired in May 2016, saved $229,798 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bettcher would collect as much as $5.16 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Bettcher received $108,512 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bettcher will have already received $335,399 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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