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North Cook News

Monday, November 25, 2024

Former state school employee McHugh paid in $6K to teachers' pension fund, could collect $189K in retirement

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Former state school employee Ada McHugh, who retired in September 2016, saved $5,800 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McHugh would collect as much as $189,397, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes McHugh received $3,981 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McHugh will have already received $8,081 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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