Former state school employee Herr paid in $51K to teachers' pension fund, could collect $1.02M in retirement

By Rock Island Today Reports

Mar 1, 2016

Former state school employee Gary Herr, who retired in February 2016, saved $51,168 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, Herr would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Herr received $21,438 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Herr will have already received $66,262 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Orion Community Unit School District 223

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