Former state school employee McGovern paid in $138K to teachers' pension fund, could collect $3.23M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Susan McGovern, who retired in May 2016, saved $137,841 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McGovern would collect as much as $3.23 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes McGovern received $67,969 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McGovern will have already received $137,977 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Galena Unit School District 120

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