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Kane County Reporter

Tuesday, November 26, 2024

Former state school employee McCabe paid in $215K to teachers' pension fund, could collect $5.87M in retirement

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Former state school employee Rebecca McCabe, who retired in July 2016, saved $214,510 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, McCabe would collect as much as $5.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes McCabe received $123,462 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McCabe will have already received $250,628 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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