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Tuesday, January 21, 2020

Former state school employee Harford paid in $131K to teachers' pension fund, could collect $2.79M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 04

Former state school employee Eileen Harford, who retired in June 2018, saved $130,580 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harford would collect as much as $2.79 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Harford received $58,545 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harford will have already received $180,956 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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