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South Cook News

Saturday, December 28, 2024

Former state school employee Conway paid in $144K to teachers' pension fund, could collect $2.88M in retirement

Money 03

Former state school employee Margo Conway, who retired in June 2016, saved $144,237 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Conway would collect as much as $2.88 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Conway received $60,483 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Conway will have already received $186,946 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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