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Dupage Policy Journal

Saturday, November 23, 2024

Former state school employee Doyle paid in $237K to teachers' pension fund, could collect $5.58M in retirement

Money 05

Former state school employee James Doyle, who retired in July 2016, saved $236,634 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Doyle would collect as much as $5.58 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Doyle received $117,331 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Doyle will have already received $238,182 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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