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South Cook News

Monday, May 20, 2024

Former state school employee Kester paid in $36K to teachers' pension fund, could collect $485K in retirement

Money 04

Former state school employee Carol Kester, who retired in June 2016, saved $36,059 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kester would collect as much as $485,257, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kester received $10,199 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kester will have already received $42,669 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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