Former state school employee Dempsey paid in $106K to teachers' pension fund, could collect $2.1M in retirement

By Local Labs News Service

Jan 1, 2017

Former state school employee Richard Dempsey, who retired in December 2016, saved $106,498 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dempsey would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Dempsey received $44,233 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dempsey will have already received $136,720 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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