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Quincy Reporter

Monday, November 25, 2024

Former state school employee Stevens paid in $50K to teachers' pension fund, could collect $818K in retirement

Money 03

Former state school employee Dorothy Stevens, who retired in May 2016, saved $49,511 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, Stevens would collect as much as $817,570, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Stevens received $17,184 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stevens will have already received $53,115 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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