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Lake County Gazette

Wednesday, April 24, 2024

Former state school employee Hastings paid in $138K to teachers' pension fund, could collect $3.28M in retirement

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Former state school employee Patrick Hastings, who retired in June 2018, saved $137,563 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hastings would collect as much as $3.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Hastings received $68,866 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hastings will have already received $139,798 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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