Former state school employee Herbst paid in $133K to teachers' pension fund, could collect $3.22M in retirement

By South West Illinois News Reports

Jun 1, 2016

Former state school employee Daniel Herbst, who retired in May 2016, saved $132,961 toward a pension over 41 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Herbst would collect as much as $3.22 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Herbst received $67,780 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Herbst will have already received $137,593 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Pinckneyville Community High School District 101

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