Former state school employee Holzworth paid in $99K to teachers' pension fund, could collect $1.99M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Janice Holzworth, who retired in May 2016, saved $99,056 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, Holzworth would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Holzworth received $41,753 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Holzworth will have already received $129,055 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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