Former state school employee Scott paid in $193K to teachers' pension fund, could collect $4.71M in retirement

Former state school employee Barbara Scott, who retired in May 2016, saved $193,445 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $4.71 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Scott received $98,994 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Scott will have already received $200,958 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.