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North Cook News

Saturday, November 23, 2024

Former state school employee Carlin paid in $8K to teachers' pension fund, could collect $159K in retirement

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Former state school employee Dennis Carlin, who retired in July 2016, saved $7,579 toward a pension over 4 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carlin would collect as much as $158,620, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Carlin received $3,334 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carlin will have already received $10,305 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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