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South Cook News

Tuesday, April 29, 2025

Former state school employee McMillen paid in $151K to teachers' pension fund, could collect $2.93M in retirement

Money 01

Former state school employee Joan McMillen, who retired in June 2018, saved $150,875 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McMillen would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes McMillen received $61,495 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McMillen will have already received $190,075 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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