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South Cook News

Friday, May 3, 2024

Former state school employee Hernandez paid in $121K to teachers' pension fund, could collect $2.06M in retirement

Money 03

Former state school employee Amy Hernandez, who retired in August 2016, saved $121,356 toward a pension over 32 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 $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Hernandez received $43,280 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hernandez will have already received $133,773 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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