Former state school employee McMahon paid in $15K to teachers' pension fund, could collect $214K in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Diane McMahon, who retired in May 2016, saved $15,007 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McMahon would collect as much as $213,689, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes McMahon received $4,491 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McMahon will have already received $18,790 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Community High School District 117

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