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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Garl paid in $18K to pension fund, could collect $833K in retirement

Money759

Former state university employee Sara Garl, who retired in July 2018, saved $17,789 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garl would collect as much as $832,567, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Garl received $17,499 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Garl will have already received $35,523 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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