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South Cook News

Monday, May 20, 2024

Former state school employee Hall paid in $19K to teachers' pension fund, could collect $927K in retirement

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Former state school employee Susan Hall, who retired in May 2016, saved $19,204 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $926,909, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Hall received $19,482 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hall will have already received $19,482 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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