Former state school employee Hornbeck paid in $192K to teachers' pension fund, could collect $4.97M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Henry Hornbeck, who retired in July 2017, saved $191,941 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, Hornbeck would collect as much as $4.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hornbeck received $104,486 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hornbeck will have already received $212,107 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Hoopeston Area Community Unit School District 11 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