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Will County Gazette

Monday, November 25, 2024

Former state school employee Hansen paid in $129K to teachers' pension fund, could collect $2.77M in retirement

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Former state school employee Elizabeth Hansen, who retired in May 2016, saved $129,083 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hansen would collect as much as $2.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Hansen received $58,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hansen will have already received $179,965 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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