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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Guthals paid in $102K to pension fund, could collect $2.41M in retirement

Money 05

Former state university employee Elaine Guthals, who retired in February 2018, saved $102,407 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Guthals would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Guthals received $50,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Guthals will have already received $102,702 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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