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Kane County Reporter

Sunday, September 29, 2024

Former state school employee Caruso paid in $128K to teachers' pension fund, could collect $2.73M in retirement

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Former state school employee Therese Caruso, who retired in May 2016, saved $127,520 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Caruso would collect as much as $2.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Caruso received $57,297 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Caruso will have already received $177,099 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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