Former state school employee Savage paid in $124K to teachers' pension fund, could collect $2.99M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Kathleen Savage, who retired in June 2016, saved $124,338 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Savage would collect as much as $2.99 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Savage received $62,851 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Savage will have already received $127,588 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Crystal Lake Community Consolidated School District 47

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