Former state school employee Sieck paid in $195K to teachers' pension fund, could collect $4.64M in retirement

Former state school employee Jan Sieck, who retired in June 2016, saved $194,511 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, Sieck would collect as much as $4.64 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Sieck received $97,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sieck will have already received $197,852 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.