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Grundy Reporter

Tuesday, November 5, 2024

Former state school employee Maland paid in $76K to teachers' pension fund, could collect $1.27M in retirement

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Former state school employee Mary Maland, who retired in June 2018, saved $75,541 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Maland would collect as much as $1.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Maland received $26,630 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Maland will have already received $82,311 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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