Former state school employee Hoffmann paid in $17K to teachers' pension fund, could collect $675K in retirement

By Local Labs News Service

Oct 1, 2018

Former state school employee Mary Hoffmann, who retired in September 2018, saved $17,493 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hoffmann would collect as much as $675,277, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Hoffmann received $14,193 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hoffmann will have already received $28,812 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Libertyville School District 70 Board

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