Former state school employee Davis paid in $276K to teachers' pension fund, could collect $5.76M in retirement

By Local Labs News Service

Jan 1, 2017

Former state school employee Daniel Davis, who retired in December 2016, saved $276,094 toward a pension over 35 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 $5.76 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Davis received $121,070 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davis will have already received $374,215 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Palatine School District 211

!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