Peoria Standard

Former state school employee Walter Pumfrey, who retired in September 2018, saved $35,800 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pumfrey would collect as much as $503,640, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Pumfrey received $10,586 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pumfrey will have already received $44,289 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.