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South Cook News

Thursday, December 26, 2024

Former state school employee Dunleavy paid in $104K to teachers' pension fund, could collect $2.04M in retirement

Money 07

Former state school employee Candace Dunleavy, who retired in July 2016, saved $104,089 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dunleavy would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Dunleavy received $42,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dunleavy will have already received $132,699 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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