East Central Reporter

East Central Reporter

Friday, December 6, 2019

Former state school employee McConnell paid in $92K to teachers' pension fund, could collect $1.77M in retirement

Schools

By East Central Reporter Reports | Jun 1, 2018

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Former state school employee Sue McConnell, who retired in May 2018, saved $92,091 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, McConnell would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes McConnell received $37,185 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McConnell will have already received $114,936 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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