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West Cook News

Tuesday, December 24, 2024

Former state school employee Daly paid in $128K to teachers' pension fund, could collect $2.67M in retirement

Money 03

Former state school employee Margaret Daly, who retired in June 2016, saved $127,911 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Daly would collect as much as $2.67 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Daly received $56,075 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daly will have already received $173,322 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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