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Kankakee Times

Wednesday, November 27, 2024

Former state school employee Hummel paid in $147K to teachers' pension fund, could collect $2.85M in retirement

Money 05

Former state school employee Marc Hummel, who retired in May 2017, saved $146,947 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hummel would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Hummel received $59,924 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hummel will have already received $185,220 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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