Former state school employee Hoovey paid in $120K to teachers' pension fund, could collect $1.62M in retirement

By Rock Island Today Reports

Jan 1, 2018

Former state school employee Lee Hoovey, who retired in December 2017, saved $120,285 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hoovey would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Hoovey received $34,106 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hoovey will have already received $142,686 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Galva Community Unit School District 224

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