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Illinois Valley Times

Sunday, May 19, 2024

Former state school employee McKee paid in $103K to teachers' pension fund, could collect $2.48M in retirement

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Former state school employee Larry McKee, who retired in May 2016, saved $102,909 toward a pension over 41 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McKee would collect as much as $2.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes McKee received $52,148 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McKee will have already received $105,860 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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