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Dupage Policy Journal

Thursday, April 18, 2024

Former state school employee McNichols paid in $51K to teachers' pension fund, could collect $812K in retirement

Money 01

Former state school employee Maureen McNichols, who retired in February 2017, saved $51,047 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McNichols would collect as much as $812,146, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McNichols received $17,070 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McNichols will have already received $52,761 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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