Former state school employee Jacobson paid in $234K to teachers' pension fund, could collect $4.79M in retirement

Former state school employee Barry Jacobson, who retired in June 2016, saved $234,200 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, Jacobson would collect as much as $4.79 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Jacobson received $100,702 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jacobson will have already received $311,260 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.