Dupage Policy Journal

Dupage Policy Journal

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Former state university employee Gilbert paid in $8K to pension fund, could collect $140K in retirement

Schools

By Local Labs News Service | May 1, 2016

Money 03

Former state university employee Sharon Gilbert, who retired in April 2016, saved $7,627 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gilbert would collect as much as $140,328, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Gilbert received $2,949 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gilbert will have already received $9,114 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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