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South Cook News

Tuesday, December 24, 2024

Former state school employee McGraw paid in $126K to teachers' pension fund, could collect $3M in retirement

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Former state school employee Valerie McGraw, who retired in June 2016, saved $125,553 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McGraw would collect as much as $3 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes McGraw received $63,006 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McGraw will have already received $127,902 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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