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DeKalb Times

Friday, November 22, 2024

Former state university employee Gorman paid in $207K to pension fund, could collect $4.34M in retirement

Money 01

Former state university employee Sylvia Gorman, who retired in May 2017, saved $206,593 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gorman would collect as much as $4.34 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Gorman received $91,161 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gorman will have already received $281,770 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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