District 300 Carpentersville, IL = (Sheet 1 of 3)
Pension Liability for 2005 Salaries = $5,007,298,037
Pension Liability for 2005 Salaries $188,033 to $67,134 (Sheet 1 of 3) = $1,421,602,555
Assumption 1: Retirement after 34 years at age 56
Assumption 2: 29 year life expectancy per IRS Tables
Assumption 3: 5% per year salary increase until retirement
Source: Teachers Service Record of the Illinois State Board of Education
COMPARE THESE CHARTS TO THE SOCIAL SECURITY RECIPIENT’S EXPERIENCE:
Social Security retiree age 62, life expectancy is 24 years.
Salary at retirement: Doesn’t Matter
20% bump for last year: You’re kidding right?
Estimated Year 1 Pension $17,300
Estimated Year 29 Pension $35,167
TOTAL PENSION $589,572
