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McHenry Times

Sunday, June 2, 2024

Former state school employee Swinney paid in $332K to teachers' pension fund, could collect $8.22M in retirement

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Former state school employee Emory Swinney, who retired in June 2018, saved $331,808 toward a pension over 46 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Swinney would collect as much as $8.22 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Swinney received $172,827 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Swinney will have already received $350,839 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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