South Central Reporter

Former state school employee Steven Smith, who retired in May 2016, saved $122,917 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $2.33 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Smith received $48,978 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $151,385 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.