Quantcast

McHenry Times

Tuesday, April 23, 2024

Former state school employee Cunningham paid in $167K to teachers' pension fund, could collect $2.85M in retirement

Shutterstock 121161052

Former state school employee Barbara Cunningham, who retired in May 2018, saved $167,210 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cunningham would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Cunningham received $59,979 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cunningham will have already received $185,388 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS