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Quincy Reporter

Sunday, May 19, 2024

Former state school employee Hall paid in $53K to teachers' pension fund, could collect $1.61M in retirement

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Former state school employee Linda Hall, who retired in August 2016, saved $52,973 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Hall received $33,914 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hall will have already received $68,845 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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