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North Cook News

Sunday, December 22, 2024

Former administrator Hotz paid in $64K to teachers' pension fund, could collect $1.03M in retirement

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Former administrator Roger Hotz, who retired in March 2019, saved $63,670 toward a pension over 11 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Hotz would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Hotz received $21,559 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hotz will have already received $66,637 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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