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South Central Reporter

Sunday, November 24, 2024

Former state school employee McDonnough paid in $3K to teachers' pension fund, could collect $81K in retirement

Money 04

Former state school employee Sylvia McDonnough, who retired in January 2016, saved $2,898 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McDonnough would collect as much as $81,097, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes McDonnough received $1,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McDonnough will have already received $3,459 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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