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Chambana Sun

Sunday, November 24, 2024

Former state school employee Henss paid in $58K to teachers' pension fund, could collect $950K in retirement

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Former state school employee Martha Henss, who retired in April 2018, saved $57,660 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Henss would collect as much as $949,649, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Henss received $19,960 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Henss will have already received $61,695 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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