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DeKalb Times

Saturday, November 23, 2024

Former state school employee McKee paid in $184K to teachers' pension fund, could collect $4.29M in retirement

Money 01

Former state school employee Elizabeth McKee, who retired in June 2016, saved $184,205 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, McKee would collect as much as $4.29 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McKee received $90,151 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McKee will have already received $278,649 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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