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Rock Island Today

Monday, November 25, 2024

Former state school employee Heiar paid in $125K to teachers' pension fund, could collect $1.76M in retirement

Money 08

Former state school employee Robin Heiar, who retired in November 2017, saved $125,239 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Heiar would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Heiar received $37,029 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Heiar will have already received $154,916 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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