Former state school employee Mirro paid in $265K to teachers' pension fund, could collect $5.83M in retirement

Former state school employee Frances Mirro, who retired in June 2017, saved $265,093 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mirro would collect as much as $5.83 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Mirro received $122,478 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mirro will have already received $378,567 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.