Former state school employee Hanrahan paid in $112K to teachers' pension fund, could collect $2.16M in retirement

By Local Labs News Service

Oct 1, 2016

Former state school employee Kathy Hanrahan, who retired in September 2016, saved $112,430 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, Hanrahan would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Hanrahan received $45,446 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hanrahan will have already received $140,468 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Harrisburg Community Unit School District 3

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