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DeKalb Times

Sunday, November 24, 2024

Former state university employee Gutierrez paid in $24K to pension fund, could collect $417K in retirement

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Former state university employee Deborah Gutierrez, who retired in April 2017, saved $24,479 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gutierrez would collect as much as $417,080, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Gutierrez received $8,766 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gutierrez will have already received $27,095 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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