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Macon Reporter

Monday, November 25, 2024

Former state school employee Dunn paid in $46K to teachers' pension fund, could collect $889K in retirement

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Former state school employee Carol Dunn, who retired in December 2017, saved $46,060 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dunn would collect as much as $888,550, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Dunn received $18,676 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dunn will have already received $57,725 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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