Sangamon Sun

Sangamon Sun

Friday, April 3, 2020

Former state university employee Galeener paid in $7K to pension fund, could collect $164K in retirement


By Local Labs News Service | Dec 1, 2018

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Former state university employee Diane Galeener, who retired in November 2018, saved $6,718 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Galeener would collect as much as $164,021, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Galeener received $3,447 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Galeener will have already received $6,997 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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