Quantcast

Lake County Gazette

Monday, November 25, 2024

Former state school employee Bahnsen paid in $141K to teachers' pension fund, could collect $2.89M in retirement

Shutterstock 434242897

Former state school employee Hollis Bahnsen, who retired in May 2016, saved $141,153 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bahnsen would collect as much as $2.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bahnsen received $60,695 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bahnsen will have already received $187,602 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS