Former state school employee Scheldrup paid in $223K to teachers' pension fund, could collect $5.46M in retirement

Former state school employee Mark Scheldrup, who retired in December 2016, saved $223,244 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scheldrup would collect as much as $5.46 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Scheldrup received $114,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Scheldrup will have already received $232,849 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.