Former state school employee Williams paid in $84K to teachers' pension fund, could collect $1.4M in retirement

Former state school employee Barbara Williams, who retired in June 2016, saved $83,555 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Williams received $29,493 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $91,160 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.