Former state school employee Harland paid in $247K to teachers' pension fund, could collect $4.95M in retirement

Former state school employee Michael Harland, who retired in June 2016, saved $246,824 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harland would collect as much as $4.95 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Harland received $104,127 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harland will have already received $321,847 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.