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North Cook News

Monday, November 25, 2024

Former state school employee Hinton paid in $32K to teachers' pension fund, could collect $400K in retirement

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Former state school employee Jerry Hinton, who retired in October 2016, saved $31,744 toward a pension over 4 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hinton would collect as much as $399,764, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Hinton received $8,402 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hinton will have already received $35,151 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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