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Sunday, February 23, 2020

Former state school employee Hartmann paid in $130K to teachers' pension fund, could collect $3.22M in retirement


By Local Labs News Service | Jul 1, 2016

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Former state school employee Elaine Hartmann, who retired in June 2016, saved $130,354 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hartmann would collect as much as $3.22 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Hartmann received $67,696 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hartmann will have already received $137,423 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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