Former state school employee McDonald paid in $188K to teachers' pension fund, could collect $4.2M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Catherine McDonald, who retired in June 2017, saved $188,485 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McDonald would collect as much as $4.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McDonald received $88,258 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McDonald will have already received $272,797 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Hawthorn Community Consolidated School District 73 Board

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