Former state school employee Gustafson paid in $159K to teachers' pension fund, could collect $3.26M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Cheryl Gustafson, who retired in May 2018, saved $158,770 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gustafson would collect as much as $3.26 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Gustafson received $68,609 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gustafson will have already received $212,063 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Elgin Area School District U46

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