Quantcast

DeKalb Times

Sunday, December 22, 2024

Former state university employee Gahlbeck paid in $35K to pension fund, could collect $736K in retirement

Shutterstock 450769633

Former state university employee Linda Gahlbeck, who retired in August 2016, saved $35,465 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gahlbeck would collect as much as $736,484, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Gahlbeck received $15,480 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gahlbeck will have already received $47,846 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