Former state school employee Gerdes paid in $58K to teachers' pension fund, could collect $1.07M in retirement

By Local Labs News Service

Nov 1, 2018

Former state school employee Jessica Gerdes, who retired in October 2018, saved $57,641 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gerdes would collect as much as $1.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Gerdes received $22,546 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gerdes will have already received $69,687 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Illinois State Board Of Education

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate