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Southern Illinois News

Saturday, November 23, 2024

Former state school employee Bunting paid in $118K to teachers' pension fund, could collect $2.34M in retirement

Money041

Former state school employee Carla Bunting, who retired in May 2017, saved $118,303 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, Bunting would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Bunting received $49,178 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bunting will have already received $152,004 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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