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Macon Reporter

Thursday, November 21, 2024

Former state school employee Hawkins paid in $29K to teachers' pension fund, could collect $759K in retirement

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Former state school employee Susan Hawkins, who retired in February 2017, saved $28,647 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hawkins would collect as much as $759,355, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Hawkins received $15,961 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hawkins will have already received $32,401 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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