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Kane County Reporter

Wednesday, April 17, 2024

Former state school employee McKewen paid in $130K to teachers' pension fund, could collect $2.59M in retirement

Money759

Former state school employee Kathryn McKewen, who retired in May 2016, saved $130,166 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McKewen would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes McKewen received $54,412 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McKewen will have already received $168,181 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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