Lake County Gazette

Lake County Gazette

Monday, November 11, 2019

Former state school employee McClain paid in $44K to teachers' pension fund, could collect $666K in retirement

Schools

By Local Labs News Service | Nov 1, 2018

Money 04

Former state school employee Mary McClain, who retired in October 2018, saved $44,265 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McClain would collect as much as $666,052, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McClain received $13,999 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McClain will have already received $58,568 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Wauconda Community Unit School District 118

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