McHenry Times

McHenry Times

Saturday, March 28, 2020

Former state school employee Hoff paid in $140K to teachers' pension fund, could collect $3.36M in retirement


By Local Labs News Service | Jul 1, 2018

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Former state school employee Sherry Hoff, who retired in June 2018, saved $139,968 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hoff would collect as much as $3.36 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Hoff received $70,587 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hoff will have already received $143,292 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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