Former state school employee Gehrke paid in $42K to teachers' pension fund, could collect $1.02M in retirement

By Local Labs News Service

Sep 1, 2017

Former state school employee Nancy Gehrke, who retired in August 2017, saved $41,852 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gehrke would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Gehrke received $21,431 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gehrke will have already received $43,505 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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