Former state school employee Hoak paid in $57K to teachers' pension fund, could collect $868K in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Ruth Hoak, who retired in May 2016, saved $56,669 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hoak would collect as much as $868,466, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Hoak received $18,254 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hoak will have already received $76,369 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Century Community Unit School District 100

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