Former state school employee Hayes paid in $253K to teachers' pension fund, could collect $4.99M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Perry Hayes, who retired in July 2017, saved $252,829 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hayes would collect as much as $4.99 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Hayes received $104,931 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hayes will have already received $324,331 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Elgin Area School District U46

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