Dupage Policy Journal

Dupage Policy Journal

Thursday, November 14, 2019

Former state school employee Hermes paid in $40K to teachers' pension fund, could collect $1.25M in retirement

Schools

By Local Labs News Service | Apr 1, 2016

Money 06

Former state school employee Matthew Hermes, who retired in March 2016, saved $40,461 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hermes would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Hermes received $26,231 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hermes will have already received $53,249 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Naperville Community Unit School District 203 ?

Sign-up Next time we write about Naperville Community Unit School District 203, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Naperville Community Unit School District 203

More News