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McHenry Times

Friday, April 19, 2024

Former state school employee Cassidy paid in $106K to teachers' pension fund, could collect $2.1M in retirement

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Former state school employee Jean Cassidy, who retired in May 2018, saved $105,510 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cassidy would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Cassidy received $44,169 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cassidy will have already received $136,522 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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