Top Illinois pensioners invest $1, get $25 back for retirement
Illinois’ top 50 state pensioners have already each received an average payout worth about $5.63 million

CHICAGO (April 28, 2025) – Illinois’ pension debt is the worst in the nation, a problem illustrated by new findings from the nonpartisan Illinois Policy Institute that show the top public pensioners receive $25 in retirement benefits for every $1 invested for them.

According to the analysis, the top 50 retired public employees have already each received an average payout worth $5.63 million, despite contributions of just $333,844 during careers of at least 30 years. That means it took only 11 months on average for them each to recoup their investments.

These 50 individuals can expect to receive an average payout of $8.47 million during their lifetimes. The average private sector worker has about $609,000 saved for retirement.

“It’s clear why Illinois’ pension debt – and the tax burden – are rising so quickly. When the highest-paid public workers are contributing so little to their retirements, it’s on taxpayers to make up the difference and those taxpayers will live on a lot less when they retire,” said Patrick Andriesen, a writer for the Illinois Policy Institute.

About Illinois’ top pensioners: 

• The No. 1 pensioner in the state is a former University of Illinois-Chicago orthopedic surgeon, who has received more than $8.33 million since retiring in 2007 and saw contributions of $535,165 during his career.
• The former superintendent of Elgin Area School District U46, contributed just $63,527 to his retirement. He’s collected $5.14 million since 2002.
• Among these top 50 state pensioners, 33 were members of the State Universities Retirement System and the remaining 17 were annuitants of the Teachers Retirement System.
• All but one of the pensioners qualified for the top 5% of all income earners in Illinois, collecting $250,000 or more a year in 2024. They also retired at an average age of 62.

“These high benefits illustrate the need to be careful not to repeat the same issues that got Illinois into a scenario of massive pension debt, growing unfunded liabilities and increasing costs to taxpayers. As state leaders weigh potential adjustments to Tier 2, they should avoid any tweaks that would essentially turn it into Tier 1 benefits,” said Mark Batinick, a former state representative and pension policy adviser for the Illinois Policy Institute. 

Proposals in Springfield would change Tier 2 benefits for state workers hired since 2010 to more closely match Tier 1 benefits that put Illinois $144 billion in debt to its pension systems. A majority of Illinois voters have shown their support for pension reform in recent polling and through municipal referendum results.

To read more about Illinois’ heavy pension burden, visit illin.is/top50pensioners.

For interviews or interviews, contact media@illinoispolicy.org or (312) 607-4977.