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DeKalb Times

Tuesday, April 16, 2024

Former state school employee Demings paid in $85K to teachers' pension fund, could collect $1.19M in retirement

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Former state school employee Nancee Demings, who retired in May 2016, saved $85,220 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Demings would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Demings received $24,998 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Demings will have already received $104,582 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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