Lake County Gazette

Former state school employee Teresa Glancy, who retired in June 2016, saved $163,880 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Glancy would collect as much as $3.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Glancy received $63,593 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Glancy will have already received $196,560 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.