Former state school employee Bolton paid in $142K to teachers' pension fund, could collect $2.94M in retirement

Former state school employee David Bolton, who retired in June 2016, saved $142,323 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bolton would collect as much as $2.94 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Bolton received $61,894 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bolton will have already received $191,309 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.