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Kankakee Times

Wednesday, May 8, 2024

Former state school employee Davis paid in $70K to teachers' pension fund, could collect $1.15M in retirement

Money041

Former state school employee Timothy Davis, who retired in June 2018, saved $69,726 toward a pension over 20 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 $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Davis received $24,164 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davis will have already received $74,689 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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