Former state school employee Hartz paid in $118K to teachers' pension fund, could collect $2.68M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee David Hartz, who retired in May 2016, saved $117,742 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hartz would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Hartz received $56,390 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hartz will have already received $174,296 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Princeton Elementary School District 115

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