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McHenry Times

Friday, April 19, 2024

Former state school employee Mullane paid in $151K to teachers' pension fund, could collect $1.95M in retirement

Money 07

Former state school employee Ingrid Mullane, who retired in December 2018, saved $150,806 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mullane would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Mullane received $40,926 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mullane will have already received $171,221 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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