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North Cook News

Sunday, November 24, 2024

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

Money041

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.

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