Former state school employee McKeown paid in $4K to teachers' pension fund, could collect $154K in retirement

By Local Labs News Service

Feb 1, 2016

Former state school employee Patricia McKeown, who retired in January 2016, saved $4,013 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McKeown would collect as much as $154,327, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes McKeown received $3,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McKeown will have already received $6,583 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Alsip, Hazelgreen, Oak Lawn School District 126

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