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Wednesday, February 26, 2020

Former state school employee Carranza paid in $184K to teachers' pension fund, could collect $2.83M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Rene Carranza, who retired in June 2018, saved $184,052 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carranza would collect as much as $2.83 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Carranza received $59,487 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carranza will have already received $248,872 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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