Former state school employee Gerbode paid in $145K to teachers' pension fund, could collect $2.34M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Mary Gerbode, who retired in June 2018, saved $144,567 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gerbode would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Gerbode received $49,171 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gerbode will have already received $151,982 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lena-Winslow Community Unit School District 202

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