Dupage Policy Journal

Dupage Policy Journal

Friday, December 13, 2019

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

Schools

By Local Labs News Service | Nov 1, 2018

Money 01

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 DuPage Policy Journal.

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.

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Illinois State Board of Education

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