Quantcast

Sangamon Sun

Tuesday, November 5, 2024

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

Shutterstock 443523112

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.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS