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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Gupta paid in $220K to pension fund, could collect $7.74M in retirement

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Former state university employee Ramesh Gupta, who retired in July 2018, saved $219,607 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gupta would collect as much as $7.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gupta received $162,634 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gupta will have already received $330,147 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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