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West Cook News

Saturday, November 2, 2024

Former state university employee Garrett paid in $94K to pension fund, could collect $1.42M in retirement

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Former state university employee Paula Garrett, who retired in July 2017, saved $93,939 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garrett would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Garrett received $29,889 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garrett will have already received $125,046 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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