Dupage Policy Journal

Former state school employee Geraldine Cadwalader, who retired in May 2018, saved $115,950 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cadwalader would collect as much as $2.32 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Cadwalader received $48,730 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cadwalader will have already received $150,620 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.