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DeKalb Times

Friday, November 22, 2024

Former state university employee Gay paid in $54K to pension fund, could collect $781K in retirement

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Former state university employee Douglas Gay, who retired in January 2018, saved $53,904 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gay would collect as much as $780,963, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Gay received $16,415 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gay will have already received $68,672 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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