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Sangamon Sun

Thursday, November 7, 2024

Former state university employee Gaulke paid in $109K to pension fund, could collect $2.05M in retirement

Money 02

Former state university employee Ralph Gaulke, who retired in May 2018, saved $109,278 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gaulke would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gaulke received $43,179 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gaulke will have already received $133,461 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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