Quantcast

Sangamon Sun

Friday, April 26, 2024

Former state school employee Daniel paid in $105K to teachers' pension fund, could collect $1.96M in retirement

Shutterstock 233512279

Former state school employee David Daniel, who retired in May 2018, saved $104,780 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Daniel would collect as much as $1.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Daniel received $41,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daniel will have already received $127,150 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS