Former state school employee Shannon paid in $169K to teachers' pension fund, could collect $4.04M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Marianne Shannon, who retired in June 2016, saved $168,641 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shannon would collect as much as $4.04 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Shannon received $84,878 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Shannon will have already received $172,302 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Schaumburg School District 54

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