Maine West Principal Haugan paid in $358K to teachers pension fund, could collect $7.1 million in retirement
Retiring Maine West High School Principal Audrey Haugan saved $358,381 toward her pension over 33 years working for public schools, Illinois Teachers' Retirement Fund (TRS) records show.
Over 35 years of retirement, she would collect as much as $7.137 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.
Haugan, 54, of Elgin, earned $162,856 in her final year as Maine West principal, which ended June 30.
The projection assumes she will receive 75 percent of that total-- $122,142-- in her first year of retirement, then 3 percent annual increases thereafter, compounded.
After three years of retirement-- in July 2021-- Haugan will have already received $377,529 in retirement benefits, or more than the sum total of her contributions to the state teachers' pension fund.
At age 65, Haugan's annual retirement benefit is projected to be $164,149, or more than she ever earned in active work as a teacher or principal.
Haugan worked 33 years in Illinois public schools, 13 as principal at Maine West.
Last month, Maine Township District 207 agreed to "buy" her two years of service credit for $92,549 so Haugan could receive the maximum allowable pension benefit, reserved for those who work 35 years.
According to the Illinois State Board of Education (ISBE), 42 percent of Maine West High School students passed the statewide standardized "PARCC" exam. The school's graduation rate was 91 percent last year, but only 48 percent of students were deemed "college ready" per ISBE.
In 2015, 154 Maine West High School graduates attended community colleges and 88 of them, or 19 percent of the school's graduating class, were required to retake high school courses, ISBE reports.