Former state school employee Kent paid in $79K to teachers' pension fund, could collect $1.5M in retirement

Former state school employee Larry Kent, who retired in June 2018, saved $79,173 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kent would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Kent received $31,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kent will have already received $97,648 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.