Lake County Gazette

Lake County Gazette

Thursday, January 23, 2020

Former state school employee Hamlin paid in $329K to teachers' pension fund, could collect $5.48M in retirement

Schools

By Local Labs News Service | Nov 1, 2017

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Former state school employee Steven Hamlin, who retired in October 2017, saved $329,322 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, Hamlin would collect as much as $5.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Hamlin received $115,231 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hamlin will have already received $356,168 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Waukegan Community Unit School District 60

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