Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state school employee McBee paid in $101K to teachers' pension fund, could collect $1.62M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 06

Former state school employee Janis McBee, who retired in June 2018, saved $101,270 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McBee would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McBee received $34,153 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McBee will have already received $105,564 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Waukegan Community Unit School District 60

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