Former state school employee Rutter paid in $163K to teachers' pension fund, could collect $2.98M in retirement

Former state school employee John Rutter, who retired in April 2017, saved $163,167 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rutter would collect as much as $2.98 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Rutter received $62,716 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rutter will have already received $193,848 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.