Former state school employee McCabe paid in $102K to teachers' pension fund, could collect $1.64M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee James McCabe, who retired in May 2016, saved $102,390 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McCabe would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes McCabe received $34,390 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCabe will have already received $106,297 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Lena-Winslow Community Unit School District 202

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate