Lake County Gazette

Lake County Gazette

Wednesday, November 13, 2019

Former state school employee Hodgkinson paid in $132K to teachers' pension fund, could collect $2.07M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 01

Former state school employee Susan Hodgkinson, who retired in June 2018, saved $132,113 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hodgkinson would collect as much as $2.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Hodgkinson received $43,458 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hodgkinson will have already received $134,325 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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