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West Cook News

Friday, November 22, 2024

Former state school employee Hepner paid in $174K to teachers' pension fund, could collect $3.95M in retirement

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Former state school employee John Hepner, who retired in May 2016, saved $173,872 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hepner would collect as much as $3.95 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Hepner received $83,086 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hepner will have already received $256,811 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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