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DeKalb Times

Sunday, November 24, 2024

Former state university employee Garay paid in $24K to pension fund, could collect $347K in retirement

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Former state university employee Denise Garay, who retired in April 2017, saved $24,329 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garay would collect as much as $347,155, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Garay received $7,296 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garay will have already received $30,523 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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