Quantcast

Dupage Policy Journal

Sunday, May 19, 2024

Former state school employee Carapella paid in $89K to teachers' pension fund, could collect $1.76M in retirement

Shutterstock 373239541

Former state school employee Jacqueline Jean Carapella, who retired in June 2016, saved $89,459 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carapella would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Carapella received $37,001 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carapella will have already received $114,366 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS