Dupage Policy Journal

Dupage Policy Journal

Wednesday, November 13, 2019

Former state university employee Garcia paid in $43K to pension fund, could collect $586K in retirement

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By Local Labs News Service | Mar 1, 2019

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Former state university employee Glenda Garcia, who retired in February 2019, saved $42,859 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garcia would collect as much as $585,748, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Garcia received $12,312 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garcia will have already received $51,507 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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