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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Gambetti paid in $104K to teachers' pension fund, could collect $2.19M in retirement

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Former state school employee David Gambetti, who retired in May 2016, saved $104,418 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, Gambetti would collect as much as $2.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Gambetti received $45,958 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gambetti will have already received $142,052 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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