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Rockford Sun

Friday, November 22, 2024

Former state school employee Dunnavan paid in $146K to teachers' pension fund, could collect $2.78M in retirement

Money 01

Former state school employee Nancy Dunnavan, who retired in June 2016, saved $146,199 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dunnavan would collect as much as $2.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Dunnavan received $58,467 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dunnavan will have already received $180,716 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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