Former state school employee McDonald paid in $144K to teachers' pension fund, could collect $2.94M in retirement

By East Central Reporter Reports

Jun 1, 2016

Former state school employee Michael McDonald, who retired in May 2016, saved $144,186 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McDonald would collect as much as $2.94 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes McDonald received $61,773 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McDonald will have already received $190,934 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Effingham Community Unit School District 40 Board

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