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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Galloway paid in $11K to pension fund, could collect $453K in retirement

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Former state university employee Billy Galloway, who retired in April 2016, saved $10,914 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Galloway would collect as much as $453,492, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Galloway received $9,532 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Galloway will have already received $19,350 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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