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Lake County Gazette

Monday, November 25, 2024

Former state school employee Hjertstedt paid in $19K to teachers' pension fund, could collect $386K in retirement

Money 07

Former state school employee Fred Hjertstedt, who retired in May 2016, saved $18,938 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hjertstedt would collect as much as $385,515, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Hjertstedt received $8,103 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hjertstedt will have already received $25,045 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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