Quantcast

Sangamon Sun

Friday, November 8, 2024

Former state university employee Gaffney paid in $76K to pension fund, could collect $1.1M in retirement

Money 06

Former state university employee Alan Gaffney, who retired in May 2018, saved $76,266 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gaffney would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gaffney received $23,142 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gaffney will have already received $96,817 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS