Former state school employee Carr paid in $90K to teachers' pension fund, could collect $1.64M in retirement

By West Cook News

Oct 1, 2017

Former state school employee Janice Carr, who retired in September 2017, saved $90,312 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carr would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Carr received $34,374 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carr will have already received $106,246 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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