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Sangamon Sun

Friday, November 22, 2024

Former state university employee Creger paid in $25K to pension fund, could collect $574K in retirement

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Former state university employee Garnett Creger, who retired in October 2016, saved $25,288 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Creger would collect as much as $574,284, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Creger received $12,071 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Creger will have already received $37,310 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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