Former state school employee Jones paid in $162K to teachers' pension fund, could collect $3.03M in retirement

Former state school employee Desmond Jones, who retired in June 2018, saved $162,086 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $3.03 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Jones received $63,635 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $196,689 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.