Former state school employee Garren paid in $39K to teachers' pension fund, could collect $1.13M in retirement

By East Central Reporter Reports

Feb 1, 2018

Former state school employee Stephen Garren, who retired in January 2018, saved $38,627 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Garren would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Garren received $23,792 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Garren will have already received $48,298 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Effingham Community Unit School District 40 Board

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