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Palatine CCSD 15 Hofmann paid in $86K to teachers pension fund, could collect $2.0 million in retirement

Schools

By Local Labs News Service | Oct 16, 2018

Money 08

Retired Palatine CCSD 15 employee Kathleen Hofmann saved $85,561 toward her pension over 22 years working for public schools, Illinois Teachers' Retirement Fund (TRS) records show.

Over 38 years of retirement, Hofmann would collect as much as $2.023 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

Hofmann, 57, who currently lives in Palatine earned $75,126 in her final year at Palatine CCSD 15.

The projection assumes Hofmann will receive 36.8 percent of that total - $27,625 - in her first year of retirement, then 3 percent annual increases thereafter, compounded.

After three years of retirement, Hofmann will have already received $85,385 in retirement benefits, or more than the sum total of her contributions to the state teachers' pension fund.

According to the Illinois State Board of Education (ISBE), 42.5 percent of Palatine CCSD 15 students met or exceeded the standards for the "PARCC" exams.

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Organizations in this Story

Palatine Community Consolidated School District 15

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