Will County Gazette

Former state school employee Kay Schimpf, who retired in October 2016, saved $7,532 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schimpf would collect as much as $469,084, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Schimpf received $9,859 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Schimpf will have already received $9,859 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.