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Will County Gazette

Sunday, November 24, 2024

Former state school employee Sweeney paid in $113K to teachers' pension fund, could collect $1.88M in retirement

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Former state school employee Mona Sweeney, who retired in May 2016, saved $113,409 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sweeney would collect as much as $1.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Sweeney received $39,537 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sweeney will have already received $122,205 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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