Former state school employee Hanson paid in $83K to teachers' pension fund, could collect $1.42M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Michael Hanson, who retired in July 2017, saved $82,664 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hanson would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Hanson received $29,768 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hanson will have already received $92,010 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Shawnee Community Unit School District 84

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