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Rockford Sun

Tuesday, December 24, 2024

Former state school employee McGowan Nelson paid in $185K to teachers' pension fund, could collect $3.77M in retirement

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Former state school employee Jayne McGowan Nelson, who retired in May 2017, saved $185,398 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, McGowan Nelson would collect as much as $3.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes McGowan Nelson received $79,252 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McGowan Nelson will have already received $244,961 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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