Former state school employee Cardosi paid in $32K to teachers' pension fund, could collect $1.26M in retirement

By Local Labs News Service

Feb 1, 2016

Former state school employee Denise Cardosi, who retired in January 2016, saved $32,263 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cardosi would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Cardosi received $26,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cardosi will have already received $53,722 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Alden Hebron School District 19

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