Former state school employee McClain paid in $107K to teachers' pension fund, could collect $2.71M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Mary McClain, who retired in June 2018, saved $107,199 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McClain would collect as much as $2.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes McClain received $56,998 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McClain will have already received $115,706 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Summit Hill school District 161

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