South Central Reporter

Former state school employee Rick Spencer, who retired in May 2018, saved $141,596 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Spencer would collect as much as $3 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Spencer received $62,969 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Spencer will have already received $194,631 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.