Former state school employee Krauspe paid in $200K to teachers' pension fund, could collect $3.78M in retirement

Former state school employee Gordon Krauspe, who retired in June 2016, saved $200,409 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Krauspe would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Krauspe received $79,488 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Krauspe will have already received $245,690 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.