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DeKalb Times

Thursday, November 7, 2024

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

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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.

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