Sangamon Sun

Sangamon Sun

Sunday, October 20, 2019

Former state university employee Motta paid in $2K to pension fund, could collect $29K in retirement


By Local Labs News Service | Jul 1, 2016

Former state university employee Gary Motta, who retired in June 2016, saved $2,053 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Motta would collect as much as $29,492, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Motta received $619 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Motta will have already received $2,591 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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