Former state school employee McGinnis paid in $134K to teachers' pension fund, could collect $3.18M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Linda McGinnis, who retired in June 2017, saved $133,811 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McGinnis would collect as much as $3.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes McGinnis received $66,939 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McGinnis will have already received $135,886 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Homer Community Consolidated School District 33c Board

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