Former state school employee Hardin paid in $163K to teachers' pension fund, could collect $2.26M in retirement

By Local Labs News Service

Dec 1, 2016

Former state school employee Phillip Hardin, who retired in November 2016, saved $163,208 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hardin would collect as much as $2.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Hardin received $47,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hardin will have already received $198,400 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Seneca Township High School District 160

!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