Former state school employee Picone paid in $110K to teachers' pension fund, could collect $2.13M in retirement

Former state school employee Kimberly Picone, who retired in June 2018, saved $109,860 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Picone would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Picone received $44,701 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Picone will have already received $138,166 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.