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DeKalb Times

Sunday, November 17, 2024

Former state school employee Gunderson paid in $193K to teachers' pension fund, could collect $4.51M in retirement

Money 08

Former state school employee Gregg Gunderson, who retired in June 2018, saved $193,358 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gunderson would collect as much as $4.51 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Gunderson received $94,814 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gunderson will have already received $293,060 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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