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Dupage Policy Journal

Friday, April 19, 2024

Former state school employee McNamara paid in $110K to teachers' pension fund, could collect $2.61M in retirement

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Former state school employee Mary McNamara, who retired in June 2017, saved $109,779 toward a pension over 28 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 $2.61 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McNamara received $54,901 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McNamara will have already received $111,449 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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