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Sangamon Sun

Saturday, September 21, 2024

Former state school employee Kerber paid in $11K to teachers' pension fund, could collect $160K in retirement

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Former state school employee Gail Kerber, who retired in June 2016, saved $10,740 toward a pension over 4 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kerber would collect as much as $160,355, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kerber received $3,370 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kerber will have already received $14,098 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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