Former state school employee Claire paid in $60K to teachers' pension fund, could collect $1.11M in retirement

By Local Labs News Service

Oct 1, 2018

Former state school employee Jean Claire, who retired in September 2018, saved $60,091 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Claire would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Claire received $23,244 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Claire will have already received $71,844 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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