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Sangamon Sun

Friday, April 19, 2024

Former state university employee Galizia paid in $68K to pension fund, could collect $1.18M in retirement

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Former state university employee Cheryl Galizia, who retired in August 2018, saved $68,091 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Galizia would collect as much as $1.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Galizia received $24,876 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Galizia will have already received $76,889 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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