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Chambana Sun

Friday, April 19, 2024

Former state university employee Garee paid in $41K to pension fund, could collect $858K in retirement

Money272

Former state university employee Sharon Garee, who retired in March 2016, saved $40,744 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garee would collect as much as $857,767, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Garee received $18,029 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garee will have already received $55,726 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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