Dupage Policy Journal

Former state school employee Peter McGivern, who retired in June 2016, saved $232,413 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McGivern would collect as much as $4.82 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McGivern received $101,395 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McGivern will have already received $313,402 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.