Former state school employee McDermott paid in $154K to teachers' pension fund, could collect $4.06M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Barbara McDermott, who retired in June 2016, saved $153,870 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McDermott would collect as much as $4.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McDermott received $85,319 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McDermott will have already received $173,198 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Woodland Community Consolidated School District 50

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