Former state school employee Hill paid in $37K to teachers' pension fund, could collect $954K in retirement

By Local Labs News Service

Aug 1, 2016

Former state school employee Valerie Hill, who retired in July 2016, saved $36,853 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hill would collect as much as $953,708, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Hill received $20,046 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hill will have already received $40,693 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Sterling Community Unit District 5 Board

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate