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North Cook News

Thursday, April 25, 2024

Former state school employee Hilmer paid in $268K to teachers' pension fund, could collect $6.05M in retirement

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Former state school employee Hal Hilmer, who retired in June 2016, saved $267,622 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hilmer would collect as much as $6.05 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Hilmer received $127,074 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hilmer will have already received $392,773 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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