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Grundy Reporter

Friday, November 22, 2024

Former state school employee McDowell paid in $165K to teachers' pension fund, could collect $3.87M in retirement

Money 01

Former state school employee Jerry McDowell, who retired in May 2017, saved $165,346 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McDowell would collect as much as $3.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes McDowell received $81,261 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McDowell will have already received $251,170 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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