Teachers will be fine in retirement

Will District 70 teachers be OK in retirement?

The Opinion, Our View, section of the June 14 issue of the Daily Herald reported this: "Libertyville Elementary District 70 just approved a five-year contract that gives teachers 6 percent raises for up to four years in a row before retirement, as long as they're 55 years old and have 20 years with the district. Compounded, that's a 26 percent raise over four years, taking a $91,805-a-year teacher to $115,902."

So, will this Elementary District 70 teacher be OK in retirement? If we assume the pension is 75 percent plus a 3 percent annual increase, the pension will pay $86,926 the first year. After 10 years that will increase to $113,419. After 20 years the payout will be $152,426. And finally after 30 years the pay will be $204,848.

The total payout over 30 years will be $4,135,562. Yep, should be just fine!

Bill Hartman

Barrington