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Grundy Reporter

Friday, November 22, 2024

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

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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 Grundy Reporter.

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.

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