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Metro East Sun

Thursday, April 25, 2024

Former state school employee Markey paid in $58K to teachers' pension fund, could collect $1.03M in retirement

Money 06

Former state school employee Mary Markey, who retired in April 2018, saved $58,310 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Markey would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Markey received $21,557 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Markey will have already received $66,631 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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