Quantcast

North Egypt News

Friday, November 8, 2024

Former state school employee Hover paid in $103K to teachers' pension fund, could collect $1.85M in retirement

Money 08

Former state school employee Janice Hover, who retired in May 2017, saved $103,389 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hover would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Hover received $38,956 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hover will have already received $120,410 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS