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Sangamon Sun

Thursday, November 7, 2024

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

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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.

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