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McLean County Times

Thursday, April 25, 2024

Former state school employee Hernandez paid in $132K to teachers' pension fund, could collect $2.71M in retirement

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Former state school employee Kathy Hernandez, who retired in May 2017, saved $131,862 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hernandez would collect as much as $2.71 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hernandez received $56,881 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hernandez will have already received $175,813 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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