Kane County Reporter

Kane County Reporter

Monday, January 27, 2020

Former state school employee McCleary paid in $88K to teachers' pension fund, could collect $1.73M in retirement

Schools

By Local Labs News Service | Jan 1, 2017

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Former state school employee Kelly McCleary, who retired in December 2016, saved $87,666 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McCleary would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes McCleary received $36,412 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCleary will have already received $112,545 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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