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Grundy Reporter

Tuesday, December 24, 2024

Former state school employee Driver paid in $69K to teachers' pension fund, could collect $1.02M in retirement

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Former state school employee Donald Driver, who retired in May 2016, saved $69,298 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Driver would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Driver received $21,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Driver will have already received $89,603 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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