Former state school employee McDermott paid in $117K to teachers' pension fund, could collect $2.05M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Judith McDermott, who retired in May 2018, saved $117,363 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McDermott would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes McDermott received $43,047 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McDermott will have already received $133,053 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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