Former state school employee Hopkins paid in $85K to teachers' pension fund, could collect $1.35M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Elizabeth Hopkins, who retired in July 2017, saved $85,041 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, Hopkins would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Hopkins received $28,463 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hopkins will have already received $87,977 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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