Quantcast

Quincy Reporter

Monday, November 25, 2024

Former state school employee Carson paid in $30K to teachers' pension fund, could collect $685K in retirement

Money 06

Former state school employee Kenneth Carson, who retired in October 2017, saved $30,033 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carson would collect as much as $684,960, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Carson received $14,397 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carson will have already received $44,500 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