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Peoria Standard

Thursday, December 26, 2024

Former state school employee McLees paid in $91K to teachers' pension fund, could collect $1.81M in retirement

Money 08

Former state school employee Geri McLees, who retired in May 2016, saved $91,491 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McLees would collect as much as $1.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes McLees received $38,088 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McLees will have already received $117,727 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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