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Dupage Policy Journal

Friday, April 19, 2024

Former state school employee Garcia paid in $176K to teachers' pension fund, could collect $3.55M in retirement

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Former state school employee Mary Garcia, who retired in June 2017, saved $176,223 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Garcia would collect as much as $3.55 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Garcia received $74,661 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garcia will have already received $230,770 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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