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Kane County Reporter

Monday, November 25, 2024

Former state school employee Carlson paid in $11K to teachers' pension fund, could collect $252K in retirement

Money272

Former state school employee Terry Carlson, who retired in May 2016, saved $10,603 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carlson would collect as much as $251,574, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Carlson received $5,287 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Carlson will have already received $10,733 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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