Former state school employee Carter paid in $165K to teachers' pension fund, could collect $3.53M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Mary Carter, who retired in May 2016, saved $164,749 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carter would collect as much as $3.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Carter received $74,255 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carter will have already received $229,515 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Township High School District 204

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