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Peoria Standard

Friday, November 22, 2024

Former state school employee Hammonds paid in $27K to teachers' pension fund, could collect $471K in retirement

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Former state school employee Richard Hammonds, who retired in April 2016, saved $26,546 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hammonds would collect as much as $471,264, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Hammonds received $9,905 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hammonds will have already received $30,615 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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