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McLean County Times

Saturday, November 23, 2024

Former state school employee Devito paid in $137K to teachers' pension fund, could collect $2.5M in retirement

Money 08

Former state school employee Earline Devito, who retired in December 2016, saved $136,629 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Devito would collect as much as $2.5 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Devito received $52,616 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Devito will have already received $162,630 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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