Former state school employee Halvax paid in $167K to teachers' pension fund, could collect $3.71M in retirement

Former state school employee Susan Halvax, who retired in May 2018, saved $167,256 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Halvax would collect as much as $3.71 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Halvax received $78,014 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Halvax will have already received $241,133 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.