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Lake County Gazette

Monday, May 20, 2024

Former state school employee Hanson paid in $127K to teachers' pension fund, could collect $2.31M in retirement

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Former state school employee Michael Hanson, who retired in May 2016, saved $127,131 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hanson would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Hanson received $48,455 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hanson will have already received $149,770 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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