Former state school employee Hagely paid in $111K to teachers' pension fund, could collect $1.64M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Lawrence Hagely, who retired in May 2018, saved $110,601 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hagely would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Hagely received $34,555 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hagely will have already received $144,567 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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