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West Central Reporter

Wednesday, November 27, 2024

Former state school employee Hubbert paid in $95K to teachers' pension fund, could collect $2.01M in retirement

Money759

Former state school employee Pamela Hubbert, who retired in June 2016, saved $94,559 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, Hubbert would collect as much as $2.01 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Hubbert received $42,233 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hubbert will have already received $130,538 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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