Former state school employee Harmsen paid in $41K to teachers' pension fund, could collect $538K in retirement

By South West Illinois News Reports

Jun 1, 2018

Former state school employee Bruce Harmsen, who retired in May 2018, saved $41,204 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harmsen would collect as much as $537,883, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Harmsen received $11,305 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Harmsen will have already received $47,295 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Career Center of Southern Illinois

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate