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South Cook News

Saturday, December 28, 2024

Former state school employee Meany paid in $147K to teachers' pension fund, could collect $3.76M in retirement

Money 01

Former state school employee Karen Meany, who retired in June 2016, saved $146,967 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Meany would collect as much as $3.76 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Meany received $79,044 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Meany will have already received $160,459 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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