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South Cook News

Friday, February 28, 2020

Former state school employee Carter paid in $61K to teachers' pension fund, could collect $1.1M in retirement


By Local Labs News Service | Jun 1, 2017

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Former state school employee Wilhelmina Carter, who retired in May 2017, saved $60,803 toward a pension over 16 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 $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Carter received $23,199 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carter will have already received $71,706 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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