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Former state school employee McIlrath paid in $14K to teachers' pension fund, could collect $311K in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee Michele McIlrath, who retired in June 2016, saved $14,039 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McIlrath would collect as much as $311,285, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes McIlrath received $6,543 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McIlrath will have already received $20,223 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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