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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Daft paid in $100K to teachers' pension fund, could collect $1.28M in retirement

Money 08

Former state school employee Janet Daft, who retired in June 2016, saved $99,577 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Daft would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Daft received $26,957 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Daft will have already received $112,779 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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