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South Central Reporter

Saturday, November 23, 2024

Former state school employee Davenport paid in $110K to teachers' pension fund, could collect $1.93M in retirement

Money759

Former state school employee Doris Davenport, who retired in May 2016, saved $109,504 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Davenport would collect as much as $1.93 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Davenport received $40,473 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davenport will have already received $125,098 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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