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Macon Reporter

Monday, December 23, 2024

Former state school employee Hyland paid in $5K to teachers' pension fund, could collect $246K in retirement

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Former state school employee James Hyland, who retired in June 2016, saved $5,090 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hyland would collect as much as $245,934, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Hyland received $5,169 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hyland will have already received $5,169 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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