Quantcast

DeKalb Times

Tuesday, April 23, 2024

Former state school employee Carlton paid in $46K to teachers' pension fund, could collect $671K in retirement

Shutterstock 369740408

Former state school employee Marvin Carlton, who retired in October 2018, saved $45,855 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carlton would collect as much as $670,516, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Carlton received $14,093 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carlton will have already received $58,960 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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