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McHenry Times

Friday, April 19, 2024

Former state school employee O'Brien paid in $78K to teachers' pension fund, could collect $1.37M in retirement

Money 08

Former state school employee Frances O'Brien, who retired in June 2018, saved $78,309 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, O'Brien would collect as much as $1.37 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes O'Brien received $28,826 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, O'Brien will have already received $89,099 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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