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Dupage Policy Journal

Friday, May 3, 2024

Former state school employee Hawke paid in $6K to teachers' pension fund, could collect $97K in retirement

Money 01

Former state school employee William Hawke, who retired in June 2016, saved $6,453 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hawke would collect as much as $97,442, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Hawke received $2,048 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hawke will have already received $8,566 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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