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McHenry Times

Monday, November 25, 2024

Former state school employee Hopp paid in $142K to teachers' pension fund, could collect $3.11M in retirement

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Former state school employee Debra Hopp, who retired in May 2016, saved $142,127 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hopp would collect as much as $3.11 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Hopp received $65,402 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hopp will have already received $202,151 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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