Dupage Policy Journal

Dupage Policy Journal

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


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.

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Naperville Community Unit School District 203

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