Former state school employee Schneiter paid in $224K to teachers' pension fund, could collect $4.85M in retirement

Former state school employee Kathleen Schneiter, who retired in September 2018, saved $223,551 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, Schneiter would collect as much as $4.85 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Schneiter received $101,996 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schneiter will have already received $315,260 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.