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North Cook News

Saturday, April 20, 2024

Former state school employee Hansen paid in $29K to teachers' pension fund, could collect $484K in retirement

Money 06

Former state school employee Reed Hansen, who retired in October 2017, saved $29,462 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hansen would collect as much as $484,064, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Hansen received $10,174 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hansen will have already received $31,446 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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