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Illinois Valley Times

Monday, November 18, 2024

Former state school employee Garber paid in $10K to teachers' pension fund, could collect $217K in retirement

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Former state school employee Jeffrey Garber, who retired in September 2017, saved $10,018 toward a pension over 2 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 $216,521, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Garber received $4,551 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garber will have already received $14,068 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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