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South Central Reporter

Saturday, November 23, 2024

Former state school employee Hund paid in $134K to teachers' pension fund, could collect $2.08M in retirement

Money041

Former state school employee Thomas Hund, who retired in July 2016, saved $134,005 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hund would collect as much as $2.08 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Hund received $43,631 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hund will have already received $134,859 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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