Former state school employee Cynthia Zumwalt, who retired in April 2017, saved $170,677 toward a pension over 28 years working for public schools, Teachers’ Retirement System of the State of Illinois records show.
Over 30 years of retirement, Zumwalt would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.
The projection assumes Zumwalt received $70,320 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Zumwalt will have already received $217,353 in retirement benefits, or more than the sum total of the retiree’s contributions to the teachers’ pension fund.
