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Sangamon Sun

Thursday, November 7, 2024

Former state school employee Davis paid in $64K to teachers' pension fund, could collect $939K in retirement

Money 04

Former state school employee Deborah Davis, who retired in May 2018, saved $64,275 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Davis would collect as much as $938,619, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Davis received $19,729 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Davis will have already received $82,540 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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