Former state school employee McCartney paid in $76K to teachers' pension fund, could collect $1.32M in retirement

By East Central Reporter Reports

May 1, 2017

Former state school employee Julia McCartney, who retired in April 2017, saved $75,556 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McCartney would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes McCartney received $27,764 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCartney will have already received $85,816 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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