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Sangamon Sun

Thursday, November 7, 2024

Former state university employee Gelasi paid in $14K to pension fund, could collect $605K in retirement

Money 07

Former state university employee Paul Gelasi, who retired in October 2018, saved $13,621 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gelasi would collect as much as $604,588, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gelasi received $12,708 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gelasi will have already received $25,797 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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