Quantcast

Sangamon Sun

Saturday, November 23, 2024

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

Shutterstock 113962678

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.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS