Quantcast

DeKalb Times

Friday, April 26, 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.

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