Former state school employee Briggs paid in $245K to teachers' pension fund, could collect $5.06M in retirement

Former state school employee William Briggs, who retired in January 2018, saved $244,715 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Briggs would collect as much as $5.06 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Briggs received $106,415 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Briggs will have already received $328,917 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.