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South Cook News

Thursday, April 25, 2024

Former state school employee Crater paid in $165K to teachers' pension fund, could collect $3.57M in retirement

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Former state school employee Candace Crater, who retired in June 2018, saved $165,083 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Crater would collect as much as $3.57 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Crater received $75,019 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Crater will have already received $231,877 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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