Former state school employee Gagich paid in $243K to teachers' pension fund, could collect $5.63M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Cynthia Gagich, who retired in June 2018, saved $243,252 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gagich would collect as much as $5.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Gagich received $118,260 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gagich will have already received $365,530 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Granite City Community Unit School District 9

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