Former state school employee Davis paid in $24K to teachers' pension fund, could collect $1.31M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Melvin Davis, who retired in June 2016, saved $23,763 toward a pension over 14 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 $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Davis received $27,561 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Davis will have already received $27,561 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Public School District 86

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