Former state school employee Hansen paid in $231K to teachers' pension fund, could collect $5.18M in retirement

Former state school employee Gregory Hansen, who retired in May 2018, saved $231,426 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, Hansen would collect as much as $5.18 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Hansen received $108,788 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hansen will have already received $336,254 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.