Quantcast

Kendall County Times

Saturday, December 28, 2024

Former state university employee Garrett paid in $94K to pension fund, could collect $1.42M in retirement

Money272

Former state university employee Paula Garrett, who retired in July 2017, saved $93,939 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garrett would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Garrett received $29,889 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garrett will have already received $125,046 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