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North Egypt News

Monday, October 21, 2019

Former state school employee Hammond paid in $139K to teachers' pension fund, could collect $2.92M in retirement

Schools

By Local Labs News Service | May 1, 2018


Former state school employee Gayleen Hammond, who retired in April 2018, saved $138,749 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, Hammond would collect as much as $2.92 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Hammond received $61,364 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hammond will have already received $189,670 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Benton Community Consolidated School District 47

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