Former state school employee McGovern paid in $91K to teachers' pension fund, could collect $1.35M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Cynthia McGovern, who retired in June 2018, saved $90,895 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McGovern would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McGovern received $28,459 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McGovern will have already received $119,062 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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