Former state school employee Purcell paid in $74K to teachers' pension fund, could collect $1.25M in retirement

By East Central Reporter Reports

Jul 1, 2016

Former state school employee Marilyn Purcell, who retired in June 2016, saved $74,047 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Purcell would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Purcell received $26,227 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Purcell will have already received $81,065 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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