Former state school employee Gulbrand paid in $26K to teachers' pension fund, could collect $1.1M in retirement

By Local Labs News Service

Apr 1, 2017

Former state school employee Cheryl Gulbrand, who retired in March 2017, saved $25,784 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gulbrand would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Gulbrand received $23,089 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gulbrand will have already received $46,871 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Galena Unit School District 120

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