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Illinois Valley Times

Wednesday, December 25, 2024

Former state school employee McCracken paid in $164K to teachers' pension fund, could collect $4.48M in retirement

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Former state school employee Jay McCracken, who retired in July 2016, saved $164,451 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McCracken would collect as much as $4.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes McCracken received $94,191 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McCracken will have already received $191,208 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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