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Sangamon Sun

Tuesday, April 23, 2024

Former state university employee Koch paid in $17K to pension fund, could collect $310K in retirement

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Former state university employee Gary Koch, who retired in August 2018, saved $17,197 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Koch would collect as much as $310,401, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Koch received $6,524 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Koch will have already received $20,166 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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