Former state school employee Kay paid in $177K to teachers' pension fund, could collect $3.1M in retirement

By West Cook News

Aug 1, 2016

Former state school employee Mary Kay, who retired in July 2016, saved $177,330 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kay would collect as much as $3.1 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Kay received $65,246 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kay will have already received $201,668 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Proviso Township High School District 209

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate