Former state school employee John Evans, who retired in May 2016, saved $57,297 toward a pension over 7 years working for public schools, Teachers’ Retirement System of the State of Illinois records show.
Over 30 years of retirement, Evans would collect as much as $963,670, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.
The projection assumes Evans received $20,255 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Evans will have already received $62,607 in retirement benefits, or more than the sum total of the retiree’s contributions to the teachers’ pension fund.
