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Macon Reporter

Monday, December 23, 2024

Former state school employee Hill paid in $113K to teachers' pension fund, could collect $2.54M in retirement

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Former state school employee Terri Hill, who retired in May 2017, saved $112,915 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hill would collect as much as $2.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Hill received $53,303 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hill will have already received $164,754 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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