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Kane County Reporter

Sunday, September 29, 2024

Former state school employee O'Connell paid in $170K to teachers' pension fund, could collect $3.24M in retirement

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Former state school employee M. O'Connell, who retired in May 2016, saved $170,185 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, O'Connell would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes O'Connell received $68,069 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, O'Connell will have already received $210,394 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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