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West Cook News

Sunday, November 24, 2024

Former state university employee Gardner paid in $5K to pension fund, could collect $116K in retirement

Money 07

Former state university employee Nancy Gardner, who retired in February 2016, saved $4,637 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gardner would collect as much as $116,087, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Gardner received $2,440 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gardner will have already received $4,953 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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