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Rockford Sun

Saturday, November 23, 2024

Former state school employee Cantele paid in $163K to teachers' pension fund, could collect $2.34M in retirement

Money 05

Former state school employee Karen Cantele, who retired in October 2017, saved $163,213 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cantele would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Cantele received $49,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cantele will have already received $206,118 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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