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Sangamon Sun

Saturday, April 20, 2024

Former state school employee McAndrew paid in $201K to teachers' pension fund, could collect $4.83M in retirement

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Former state school employee Margaret McAndrew, who retired in June 2017, saved $200,554 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McAndrew would collect as much as $4.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McAndrew received $101,619 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McAndrew will have already received $206,287 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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