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Sangamon Sun

Friday, November 8, 2024

Former state school employee Hensold paid in $133K to teachers' pension fund, could collect $2.47M in retirement

Money 07

Former state school employee Joseph Hensold, who retired in May 2018, saved $133,382 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hensold would collect as much as $2.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hensold received $51,905 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hensold will have already received $160,433 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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