Dupage Policy Journal

Dupage Policy Journal

Tuesday, December 10, 2019

Former state school employee McGuire paid in $96K to teachers' pension fund, could collect $1.57M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

Money 03

Former state school employee Daniel McGuire, who retired in May 2016, saved $95,612 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, McGuire would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McGuire received $33,029 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McGuire will have already received $102,090 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Naperville Community Unit School District 203

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