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Galesburg Reporter

Tuesday, November 5, 2024

Former state school employee McQuiggin paid in $154K to teachers' pension fund, could collect $3.36M in retirement

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Former state school employee Karen McQuiggin, who retired in May 2018, saved $154,402 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McQuiggin would collect as much as $3.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes McQuiggin received $70,657 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McQuiggin will have already received $218,394 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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