Dupage Policy Journal

Dupage Policy Journal

Tuesday, October 22, 2019

Former state school employee Carrignan paid in $160K to teachers' pension fund, could collect $1.91M in retirement

Schools

By Local Labs News Service | Jul 1, 2018


Former state school employee Michele Carrignan, who retired in June 2018, saved $159,857 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Carrignan would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Carrignan received $40,197 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carrignan will have already received $168,169 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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