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Peoria Standard

Monday, May 20, 2024

Former state school employee Hartman paid in $25K to teachers' pension fund, could collect $397K in retirement

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Former state school employee Sandra Hartman, who retired in May 2017, saved $24,541 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hartman would collect as much as $397,446, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Hartman received $8,354 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hartman will have already received $25,822 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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