Former state school employee Squillo paid in $207K to teachers' pension fund, could collect $4.35M in retirement

Former state school employee Michael Squillo, who retired in June 2016, saved $206,987 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Squillo would collect as much as $4.35 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Squillo received $91,528 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Squillo will have already received $282,904 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.