Over 30 years of retirement, Hofmann would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.
The projection assumes Hofmann received $26,820 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Hofmann will have already received $82,899 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up