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Sangamon Sun

Friday, November 22, 2024

Former state school employee Gander paid in $23K to teachers' pension fund, could collect $983K in retirement

Money 07

Former state school employee Cynthia Gander, who retired in November 2017, saved $22,532 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gander would collect as much as $982,687, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gander received $20,655 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gander will have already received $41,930 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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