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Chambana Sun

Saturday, November 23, 2024

Former state university employee Gallego paid in $12K to pension fund, could collect $194K in retirement

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Former state university employee Epifania Gallego, who retired in May 2016, saved $12,359 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gallego would collect as much as $193,833, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Gallego received $4,074 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gallego will have already received $12,592 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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