Former state school employee Mellott paid in $121K to teachers' pension fund, could collect $2.07M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Karla Mellott, who retired in May 2018, saved $121,296 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mellott would collect as much as $2.07 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Mellott received $43,595 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mellott will have already received $134,748 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

East Coloma-Nelson Consolidated Elementary School District 20

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