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Sangamon Sun

Tuesday, November 26, 2024

Former state school employee Garber paid in $87K to teachers' pension fund, could collect $1.46M in retirement

Money041

Former state school employee Gregory Garber, who retired in July 2018, saved $87,447 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Garber would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Garber received $30,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garber will have already received $94,693 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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