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West Central Reporter

Tuesday, November 26, 2024

Former state school employee Heerboth paid in $205K to teachers' pension fund, could collect $5.05M in retirement

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Former state school employee Jonathan Heerboth, who retired in July 2016, saved $205,452 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Heerboth would collect as much as $5.05 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Heerboth received $106,246 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Heerboth will have already received $215,679 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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