Rock Island Today

Rock Island Today

Friday, October 18, 2019

Former state school employee Glendon paid in $158K to teachers' pension fund, could collect $3.63M in retirement


By Rock Island Today Reports | Jul 1, 2018

Former state school employee Maureen Glendon, who retired in June 2018, saved $157,599 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Glendon would collect as much as $3.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Glendon received $76,401 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Glendon will have already received $236,148 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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