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Chambana Sun

Monday, November 25, 2024

Former state university employee Gannon paid in $71K to pension fund, could collect $1.64M in retirement

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Former state university employee Donna Gannon, who retired in October 2018, saved $71,144 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gannon would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Gannon received $34,541 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gannon will have already received $106,762 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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