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North Cook News

Sunday, April 20, 2025

Former state school employee Heisel paid in $128K to teachers' pension fund, could collect $2.2M in retirement

Money041

Former state school employee Richard Heisel, who retired in May 2018, saved $127,589 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Heisel would collect as much as $2.2 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Heisel received $46,162 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heisel will have already received $142,682 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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