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North Cook News

Saturday, November 23, 2024

Former state school employee McClurkin paid in $163K to teachers' pension fund, could collect $3.31M in retirement

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Former state school employee Maria McClurkin, who retired in July 2016, saved $162,906 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McClurkin would collect as much as $3.31 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes McClurkin received $69,553 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McClurkin will have already received $214,982 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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