Former state university employee Galanter paid in $293K to pension fund, could collect $7.95M in retirement

By Local Labs News Service

Jul 1, 2018

Former state university employee William Galanter, who retired in June 2018, saved $293,217 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Galanter would collect as much as $7.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Galanter received $167,126 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Galanter will have already received $339,266 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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