Former state school employee Davis paid in $96K to teachers' pension fund, could collect $1.94M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Jane Davis, who retired in May 2018, saved $96,414 toward a pension over 31 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 $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Davis received $40,756 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davis will have already received $125,973 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Prophetstown-Lyndon-Tampico Community Unit School District 3

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