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DeKalb Times

Tuesday, November 5, 2024

Former state school employee Detloff paid in $62K to teachers' pension fund, could collect $874K in retirement

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Former state school employee Michael Detloff, who retired in May 2018, saved $61,836 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Detloff would collect as much as $874,169, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Detloff received $18,374 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Detloff will have already received $76,870 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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