Former state school employee Hertz paid in $107K to teachers' pension fund, could collect $2.46M in retirement

By Rock Island Today Reports

Jun 1, 2018

Former state school employee Shirley Hertz, who retired in May 2018, saved $106,591 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hertz would collect as much as $2.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Hertz received $51,812 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hertz will have already received $160,145 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Galva Community Unit School District 224

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