Former state school employee McCafferty paid in $103K to teachers' pension fund, could collect $1.87M in retirement

Former state school employee Mary McCafferty, who retired in June 2018, saved $102,664 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McCafferty would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McCafferty received $39,360 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCafferty will have already received $121,658 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.