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Chambana Sun

Friday, April 19, 2024

Former state university employee Gabbard paid in $75K to pension fund, could collect $1.59M in retirement

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Former state university employee Cindy Gabbard, who retired in January 2019, saved $75,064 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gabbard would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Gabbard received $33,396 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gabbard will have already received $103,224 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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