Former state school employee Herman paid in $261K to teachers' pension fund, could collect $6.07M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Gregory Herman, who retired in June 2016, saved $260,641 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Herman would collect as much as $6.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Herman received $127,617 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Herman will have already received $394,452 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Vernon Hills Community High School District 128

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