Quantcast

McHenry Times

Monday, May 20, 2024

Former state school employee Munoz paid in $112K to teachers' pension fund, could collect $1.88M in retirement

Shutterstock 381111379

Former state school employee Cynthia Munoz, who retired in June 2017, saved $112,070 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, Munoz would collect as much as $1.88 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Munoz received $39,447 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Munoz will have already received $121,926 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!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