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DeKalb Times

Friday, November 22, 2024

Former state school employee Carmichael paid in $144K to teachers' pension fund, could collect $3.44M in retirement

Money 01

Former state school employee Judith Carmichael, who retired in May 2018, saved $143,899 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carmichael would collect as much as $3.44 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Carmichael received $72,339 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Carmichael will have already received $146,848 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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