Quantcast

DeKalb Times

Monday, December 23, 2024

Former state school employee Cantele paid in $163K to teachers' pension fund, could collect $2.34M in retirement

Money759

Former state school employee Karen Cantele, who retired in October 2017, saved $163,213 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cantele would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Cantele received $49,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cantele will have already received $206,118 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS