Former state school employee McHaney paid in $192K to teachers' pension fund, could collect $4.53M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Tamara McHaney, who retired in June 2017, saved $191,784 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McHaney would collect as much as $4.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McHaney received $95,279 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McHaney will have already received $193,416 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lake Forest Community High School District 115

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