Former state school employee McMahon paid in $151K to teachers' pension fund, could collect $3.08M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Karen McMahon, who retired in May 2017, saved $151,347 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McMahon would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes McMahon received $64,794 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McMahon will have already received $200,272 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Rochelle Community Consolidated District 231 Board

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