Former state school employee Groves paid in $86K to teachers' pension fund, could collect $1.45M in retirement

Former state school employee Colette Groves, who retired in June 2017, saved $85,504 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Groves would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Groves received $30,403 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Groves will have already received $93,972 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.