Former state school employee McNaney paid in $16K to teachers' pension fund, could collect $428K in retirement

By Local Labs News Service

Oct 1, 2016

Former state school employee Gary McNaney, who retired in September 2016, saved $16,462 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McNaney would collect as much as $427,545, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes McNaney received $8,986 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McNaney will have already received $18,242 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Winnetka School District 36

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