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South Cook News

Thursday, October 31, 2024

Former state school employee Gbur paid in $180K to teachers' pension fund, could collect $3.82M in retirement

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Former state school employee Margaret Gbur, who retired in May 2018, saved $179,820 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gbur would collect as much as $3.82 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Gbur received $80,367 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gbur will have already received $248,406 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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