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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Gardner paid in $17K to pension fund, could collect $1.34M in retirement

Money 06

Former state university employee William Gardner, who retired in November 2018, saved $17,488 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gardner would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gardner received $28,128 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Gardner will have already received $28,128 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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