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Sangamon Sun

Monday, December 23, 2024

Former state school employee Hernandez paid in $128K to teachers' pension fund, could collect $2.42M in retirement

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Former state school employee Patrick Hernandez, who retired in May 2017, saved $127,733 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hernandez would collect as much as $2.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hernandez received $50,969 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hernandez will have already received $157,540 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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