Quantcast

Sangamon Sun

Friday, April 19, 2024

Former state school employee Marcotte paid in $117K to teachers' pension fund, could collect $1.7M in retirement

Money 07

Former state school employee Sandra Marcotte, who retired in June 2018, saved $116,660 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Marcotte would collect as much as $1.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Marcotte received $35,725 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Marcotte will have already received $149,461 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS