Will County Gazette

Will County Gazette

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Former state school employee Hernandez paid in $43K to teachers' pension fund, could collect $1.03M in retirement

Schools

By Local Labs News Service | Apr 1, 2017

Money 06

Former state school employee Janet Hernandez, who retired in March 2017, saved $42,637 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hernandez would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Hernandez received $21,627 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hernandez will have already received $43,903 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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