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DeKalb Times

Thursday, November 21, 2024

Former state school employee Hanley paid in $10K to teachers' pension fund, could collect $337K in retirement

Money272

Former state school employee Linda Hanley, who retired in August 2017, saved $10,271 toward a pension over 4 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hanley would collect as much as $336,611, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Hanley received $7,075 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hanley will have already received $14,362 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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