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McLean County Times

Sunday, November 24, 2024

Former state school employee Hays paid in $9K to teachers' pension fund, could collect $456K in retirement

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Former state school employee Madalon Hays, who retired in August 2017, saved $8,965 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hays would collect as much as $456,244, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hays received $9,589 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hays will have already received $9,589 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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