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Peoria Standard

Tuesday, November 5, 2024

Former state school employee Hansen paid in $86K to teachers' pension fund, could collect $1.33M in retirement

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Former state school employee Lynn Hansen, who retired in January 2016, saved $86,387 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hansen would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Hansen received $27,893 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hansen will have already received $116,695 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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