Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former state university employee Hoffman paid in $78K to pension fund, could collect $1.77M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state university employee Linda Hoffman, who retired in June 2018, saved $78,440 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hoffman would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hoffman received $37,109 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hoffman will have already received $114,700 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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