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Former state school employee Dolan paid in $199K to teachers' pension fund, could collect $4.82M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee Megan Dolan, who retired in June 2016, saved $199,421 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dolan would collect as much as $4.82 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Dolan received $101,376 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dolan will have already received $205,793 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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