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Sangamon Sun

Monday, November 25, 2024

Former state school employee Hinchee paid in $92K to teachers' pension fund, could collect $1.65M in retirement

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Former state school employee Cynthia Hinchee, who retired in July 2017, saved $92,124 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hinchee would collect as much as $1.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hinchee received $34,756 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hinchee will have already received $107,428 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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