Former state school employee Joy paid in $137K to teachers' pension fund, could collect $3.51M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Maureen Joy, who retired in May 2016, saved $137,423 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Joy would collect as much as $3.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Joy received $73,771 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Joy will have already received $149,755 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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St. Charles Community Unit School District 303

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