Former state school employee McConnell paid in $125K to teachers' pension fund, could collect $2.42M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Noreen McConnell, who retired in May 2016, saved $125,152 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McConnell would collect as much as $2.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes McConnell received $50,817 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McConnell will have already received $157,071 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Princeton High School District 500 Board

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