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DeKalb Times

Sunday, November 17, 2024

Former state school employee Hooper paid in $116K to teachers' pension fund, could collect $2M in retirement

Money272

Former state school employee Martha Hooper, who retired in June 2018, saved $116,325 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hooper would collect as much as $2 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Hooper received $42,014 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hooper will have already received $129,860 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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