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Chicago City Wire

Sunday, November 24, 2024

Former state university employee Garrow paid in $177K to pension fund, could collect $2.56M in retirement

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Former state university employee Timothy Garrow, who retired in October 2016, saved $176,835 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garrow would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garrow received $53,789 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garrow will have already received $225,034 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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