Former state school employee Anderson paid in $14K to teachers' pension fund, could collect $776K in retirement

Former state school employee Judith Anderson, who retired in November 2017, saved $14,260 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $776,031, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Anderson received $16,311 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Anderson will have already received $16,311 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.