SE Illinois News

SE Illinois News

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Former state school employee McFall paid in $132K to teachers' pension fund, could collect $2.21M in retirement


By Local Labs News Service | Apr 1, 2016

Money 02

Former state school employee Becky McFall, who retired in March 2016, saved $132,033 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, McFall would collect as much as $2.21 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes McFall received $46,410 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McFall will have already received $143,448 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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