Former state school employee Maxstadt paid in $204K to teachers' pension fund, could collect $5.24M in retirement

Former state school employee Edward Maxstadt, who retired in May 2016, saved $203,689 toward a pension over 41 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Maxstadt would collect as much as $5.24 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Maxstadt received $110,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Maxstadt will have already received $223,645 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.