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Metro East Sun

Thursday, April 18, 2024

Former state school employee McBride paid in $23K to teachers' pension fund, could collect $670K in retirement

Money 02

Former state school employee Sharon McBride, who retired in December 2017, saved $23,117 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McBride would collect as much as $669,911, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes McBride received $14,081 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McBride will have already received $28,584 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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