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Dupage Policy Journal

Monday, November 25, 2024

Former state school employee Hargesheimer paid in $3K to teachers' pension fund, could collect $38K in retirement

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Former state school employee Alan Hargesheimer, who retired in April 2017, saved $2,997 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, Hargesheimer would collect as much as $38,130, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Hargesheimer received $801 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hargesheimer will have already received $3,352 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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