Quantcast

Dupage Policy Journal

Wednesday, April 17, 2024

Former state school employee McNamara paid in $22K to teachers' pension fund, could collect $673K in retirement

Shutterstock 121161052

Former state school employee Mary McNamara, who retired in June 2016, saved $21,580 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McNamara would collect as much as $672,657, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McNamara received $14,138 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McNamara will have already received $28,700 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS