Village officials are considering whether to raise the mayor's annual salary from $40,000 to $150,000 and expand the office's responsibilities, a move the village casts as a cost-saving measure in lieu of hiring two other administrators. The measure could be approved at Monday's Village Board meeting.
But if the deal goes through, McLaughlin's pension would soar.
As a member of the Illinois Municipal Retirement Fund, McLaughlin stands to receive 1 2/3 percent of his final rate of earnings for each year of service credit through his 15th year in the fund. After 15 years of service credit, McLaughlin would receive 2 percent for each year of service credit from years 16 through 40, with the formula reaching its maximum of 75 percent at 40 years of service credit.
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