Quantcast

DeKalb Times

Saturday, November 23, 2024

Former state school employee Beverley paid in $231K to teachers' pension fund, could collect $4.66M in retirement

Money836

Former state school employee Kevin Beverley, who retired in June 2016, saved $231,187 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Beverley would collect as much as $4.66 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Beverley received $97,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Beverley will have already received $302,698 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS