Lake County Gazette

Lake County Gazette

Saturday, November 16, 2019

Former state school employee McHale paid in $79K to teachers' pension fund, could collect $1.26M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Susan McHale, who retired in June 2018, saved $78,543 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McHale would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McHale received $26,479 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McHale will have already received $81,843 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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