Former state school employee Ginter paid in $120K to teachers' pension fund, could collect $2.14M in retirement

Former state school employee Peter Ginter, who retired in May 2017, saved $120,426 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ginter would collect as much as $2.14 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Ginter received $44,897 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ginter will have already received $138,772 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.