Sangamon Sun

Sangamon Sun

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Former state university employee Gaio paid in $2K to pension fund, could collect $40K in retirement


By Local Labs News Service | Aug 1, 2016

Former state university employee Connie Gaio, who retired in July 2016, saved $1,938 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gaio would collect as much as $40,071, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gaio received $842 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gaio will have already received $2,602 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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