Grundy Reporter

Former state school employee Stephen Palaniuk, who retired in July 2016, saved $267,586 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Palaniuk would collect as much as $5.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Palaniuk received $114,389 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Palaniuk will have already received $353,566 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.