Former state school employee O'Brien paid in $138K to teachers' pension fund, could collect $3.5M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Margaret O'Brien, who retired in May 2018, saved $137,698 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, O'Brien would collect as much as $3.5 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes O'Brien received $73,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, O'Brien will have already received $149,481 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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