Former state school employee Kohut paid in $174K to teachers' pension fund, could collect $4.05M in retirement

Former state school employee Steven Kohut, who retired in June 2016, saved $173,626 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kohut would collect as much as $4.05 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Kohut received $85,060 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kohut will have already received $262,912 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.