Illinois Valley Times

Former state school employee Eileen Knecht, who retired in December 2016, saved $120,643 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Knecht would collect as much as $2.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Knecht received $58,313 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Knecht will have already received $180,239 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.