Former state school employee Devore paid in $14K to teachers' pension fund, could collect $428K in retirement

By Local Labs News Service

Oct 1, 2017

Former state school employee Karl Devore, who retired in September 2017, saved $13,792 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Devore would collect as much as $428,270, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Devore received $9,001 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Devore will have already received $18,272 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Waukegan Community Unit School District 60

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