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Chicago City Wire

Thursday, April 25, 2024

Former special education worker McMillen paid in $95K to teachers' pension fund, could collect $1.74M in retirement

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Former special education worker Dianne McMillen, who retired in January 2016, saved $95,182 toward a pension over 19 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, McMillen would collect as much as $1.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McMillen received $36,549 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McMillen will have already received $112,968 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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