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Metro East Sun

Wednesday, December 4, 2024

Former state school employee Porter paid in $76K to teachers' pension fund, could collect $1.09M in retirement

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Former state school employee Carolyn Porter, who retired in May 2018, saved $75,751 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Porter would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Porter received $22,901 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Porter will have already received $95,810 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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