Former state school employee McHugh paid in $91K to teachers' pension fund, could collect $1.99M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Mary McHugh, who retired in June 2017, saved $90,673 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McHugh would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes McHugh received $41,820 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McHugh will have already received $129,262 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Manhattan School District 114

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