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Sangamon Sun

Thursday, November 14, 2024

Former state school employee Gamboa paid in $125K to teachers' pension fund, could collect $2.05M in retirement

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Former state school employee Linda Gamboa, who retired in May 2018, saved $125,442 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gamboa would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gamboa received $43,161 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gamboa will have already received $133,407 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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