Midwest Central CUSD 191 Garber paid in $101K to teachers pension fund, could collect $2.5 million in retirement
Retired Midwest Central CUSD 191 employee Gregory Garber saved $101,269 toward his pension over 28 years working for public schools, Illinois Teachers' Retirement Fund (TRS) records show.
Over 40 years of retirement, Garber would collect as much as $2.508 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.
Garber, 55, who currently lives in Delavan, earned $63,188 in his final year at Midwest Central CUSD 191.
The projection assumes Garber will receive 49.9 percent of that total - $31,556 - in his first year of retirement, then 3 percent annual increases thereafter, compounded.
After three years of retirement, Garber will have already received $97,536 in retirement benefits, or more than the sum total of his contributions to the state teachers' pension fund.
According to the Illinois State Board of Education (ISBE), 23.3 percent of Midwest Central CUSD 191 students met or exceeded the standards for the "PARCC" exams. ISBE reported that 40 percent of district's graduates were deemed "college ready" last year.