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North Cook News

Tuesday, April 23, 2024

Former state school employee McCall paid in $103K to teachers' pension fund, could collect $1.93M in retirement

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Former state school employee Peter McCall, who retired in January 2018, saved $103,373 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McCall would collect as much as $1.93 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes McCall received $40,473 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCall will have already received $125,098 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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