South Central Reporter

Former state school employee Michael Gherardini, who retired in May 2018, saved $118,362 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gherardini would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Gherardini received $54,138 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gherardini will have already received $167,335 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.