Former state school employee O'Neill paid in $5K to teachers' pension fund, could collect $127K in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Mary Claire O'Neill, who retired in May 2016, saved $5,001 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, O'Neill would collect as much as $126,718, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes O'Neill received $2,663 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, O'Neill will have already received $5,406 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Freeport School District 145 Board

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