Former state school employee Shannon paid in $204K to teachers' pension fund, could collect $4.15M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Cynthia Shannon, who retired in May 2016, saved $203,885 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shannon would collect as much as $4.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Shannon received $87,322 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shannon will have already received $269,904 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Morris Community High School District 101

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