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East Central Reporter

Thursday, December 26, 2024

Former state school employee Harbaugh paid in $124K to teachers' pension fund, could collect $2.75M in retirement

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Former state school employee Terry Harbaugh, who retired in May 2016, saved $124,490 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harbaugh would collect as much as $2.75 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Harbaugh received $57,828 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harbaugh will have already received $178,741 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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