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South Cook News

Saturday, April 20, 2024

Former state school employee McBride paid in $116K to teachers' pension fund, could collect $2.33M in retirement

Money041

Former state school employee Jean McBride, who retired in June 2018, saved $116,202 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McBride would collect as much as $2.33 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes McBride received $49,051 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McBride will have already received $151,613 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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