Former state school employee Keating paid in $154K to teachers' pension fund, could collect $3.28M in retirement

Former state school employee Patrick Keating, who retired in May 2017, saved $153,820 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Keating would collect as much as $3.28 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Keating received $68,880 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Keating will have already received $212,900 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.