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Chicago City Wire

Wednesday, April 24, 2024

Former state school employee Mason paid in $171K to teachers' pension fund, could collect $2.8M in retirement

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Former state school employee Nancy Mason, who retired in May 2016, saved $171,115 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, Mason would collect as much as $2.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mason received $58,763 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mason will have already received $181,631 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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