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North Cook News

Friday, April 19, 2024

Former state school employee Hinsey paid in $182K to teachers' pension fund, could collect $3.97M in retirement

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Former state school employee Mary Hinsey, who retired in June 2017, saved $182,315 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hinsey would collect as much as $3.97 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Hinsey received $83,455 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hinsey will have already received $257,952 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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