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Will County Gazette

Thursday, April 25, 2024

Former state school employee Hayes paid in $105K to teachers' pension fund, could collect $2.28M in retirement

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Former state school employee Nancy Hayes, who retired in June 2016, saved $105,262 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hayes would collect as much as $2.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Hayes received $47,922 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hayes will have already received $148,123 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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