Former state school employee Schram paid in $170K to teachers' pension fund, could collect $3.48M in retirement

Former state school employee Jeffrey Schram, who retired in May 2018, saved $169,991 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schram would collect as much as $3.48 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Schram received $73,174 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schram will have already received $226,173 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.