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Lake County Gazette

Thursday, April 18, 2024

Former state school employee Hartman paid in $91K to teachers' pension fund, could collect $2.02M in retirement

Money 06

Former state school employee Glenn Hartman, who retired in March 2016, saved $90,737 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hartman would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Hartman received $42,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hartman will have already received $131,468 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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