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McHenry Times

Monday, November 25, 2024

Former state school employee Maher paid in $169K to teachers' pension fund, could collect $3.61M in retirement

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Former state school employee Dennis Maher, who retired in May 2016, saved $168,515 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Maher would collect as much as $3.61 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Maher received $75,981 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Maher will have already received $234,849 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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