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Carbondale Reporter

Saturday, September 21, 2024

Former state school employee Hearn paid in $7K to teachers' pension fund, could collect $73K in retirement

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Former state school employee Donna Hearn, who retired in July 2016, saved $6,849 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hearn would collect as much as $72,733, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Hearn received $1,528 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Hearn will have already received $8,113 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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