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Kankakee Times

Thursday, April 25, 2024

Former state school employee Mau paid in $147K to teachers' pension fund, could collect $3.47M in retirement

Money 01

Former state school employee Teresa Mau, who retired in June 2018, saved $147,052 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mau would collect as much as $3.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Mau received $72,841 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mau will have already received $147,867 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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