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DeKalb Times

Thursday, November 21, 2024

Former state school employee McAnally paid in $125K to teachers' pension fund, could collect $2.63M in retirement

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Former state school employee Dennis McAnally, who retired in May 2017, saved $124,889 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McAnally would collect as much as $2.63 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McAnally received $55,233 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McAnally will have already received $170,720 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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