Former state school employee Prichard paid in $187K to teachers' pension fund, could collect $4.1M in retirement

Former state school employee Mark Prichard, who retired in May 2016, saved $187,392 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Prichard would collect as much as $4.1 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Prichard received $86,076 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prichard will have already received $266,052 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.