South Cook News

South Cook News

Sunday, February 23, 2020

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

Schools

By Local Labs News Service | Jul 1, 2016

Shutterstock 469426916

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.

Want to get notified whenever we write about Kirby School District 140 ?

Sign-up Next time we write about Kirby School District 140, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Kirby School District 140

More News