Former state school employee Mahoney paid in $115K to teachers' pension fund, could collect $1.99M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Kathleen Mahoney, who retired in June 2016, saved $114,807 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mahoney would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Mahoney received $41,852 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mahoney will have already received $129,361 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Oak Lawn-Hometown School District 123 Board

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