Former state school employee Gordon paid in $196K to teachers' pension fund, could collect $3.95M in retirement

Former state school employee Steven Gordon, who retired in June 2016, saved $196,320 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gordon would collect as much as $3.95 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Gordon received $82,981 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gordon will have already received $256,485 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.