Chicago City Wire

Chicago City Wire

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Former state university employee Gulley paid in $80K to pension fund, could collect $1.76M in retirement

Schools

By Local Labs News Service | May 1, 2018


Former state university employee Helen Gulley, who retired in April 2018, saved $80,478 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gulley would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gulley received $36,969 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gulley will have already received $114,267 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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