Quantcast

Illinois Valley Times

Wednesday, December 25, 2024

Former state school employee Hoffman paid in $59K to teachers' pension fund, could collect $894K in retirement

Money 02

Former state school employee Pauline Hoffman, who retired in May 2017, saved $59,499 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hoffman would collect as much as $894,288, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Hoffman received $18,797 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hoffman will have already received $78,640 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!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

MORE NEWS