South Central Reporter

Former state school employee Richard Well, who retired in February 2018, saved $215,813 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, Well would collect as much as $4.14 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Well received $86,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Well will have already received $268,806 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.