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Peoria Standard

Thursday, November 28, 2024

Former state school employee Garst paid in $77K to teachers' pension fund, could collect $958K in retirement

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Former state school employee Cinda Garst, who retired in October 2018, saved $77,284 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Garst would collect as much as $957,972, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Garst received $20,135 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garst will have already received $84,237 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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