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DeKalb Times

Saturday, November 23, 2024

Former state school employee Brennan paid in $166K to teachers' pension fund, could collect $3.38M in retirement

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Former state school employee Mary Brennan, who retired in June 2016, saved $166,407 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, Brennan would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Brennan received $71,087 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brennan will have already received $219,724 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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