Former state school employee Larkin paid in $81K to teachers' pension fund, could collect $2.21M in retirement

By Local Labs News Service

Mar 1, 2016

Former state school employee Charlotte Larkin, who retired in February 2016, saved $80,500 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Larkin would collect as much as $2.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Larkin received $46,542 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Larkin will have already received $94,480 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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