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Sangamon Sun

Monday, November 25, 2024

Former state university employee Geggus paid in $11K to pension fund, could collect $755K in retirement

Money 08

Former state university employee Ted Geggus, who retired in July 2017, saved $10,866 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Geggus would collect as much as $754,907, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Geggus received $15,867 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Geggus will have already received $15,867 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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