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McHenry Times

Monday, November 25, 2024

Former state school employee Hartgraves paid in $89K to teachers' pension fund, could collect $2.03M in retirement

Money 07

Former state school employee Karen Hartgraves, who retired in May 2016, saved $89,274 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, Hartgraves would collect as much as $2.03 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Hartgraves received $42,597 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hartgraves will have already received $131,663 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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