Former state school employee Heatherton paid in $112K to teachers' pension fund, could collect $2.13M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Gerianne Heatherton, who retired in May 2016, saved $112,360 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Heatherton would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Heatherton received $44,828 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heatherton will have already received $138,559 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Salt Fork Community Unit School District 512

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