Former state school employee McDonald paid in $14K to teachers' pension fund, could collect $1.25M in retirement

By Local Labs News Service

Feb 1, 2017

Former state school employee Sellie McDonald, who retired in January 2017, saved $13,934 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McDonald would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McDonald received $26,190 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McDonald will have already received $26,190 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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