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McHenry Times

Monday, November 25, 2024

Former state school employee Hartman paid in $107K to teachers' pension fund, could collect $1.82M in retirement

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Former state school employee Deborah Hartman, who retired in July 2016, saved $107,358 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hartman would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Hartman received $38,350 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hartman will have already received $118,537 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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