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McHenry Times

Monday, November 25, 2024

Former state school employee Parry paid in $175K to teachers' pension fund, could collect $3.4M in retirement

Money 02

Former state school employee Vivian Parry, who retired in March 2016, saved $174,788 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Parry would collect as much as $3.4 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Parry received $71,560 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parry will have already received $221,185 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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