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Chicago City Wire

Tuesday, December 24, 2024

Former state university employee Garnett paid in $137K to pension fund, could collect $2.8M in retirement

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Former state university employee Guy Garnett, who retired in August 2016, saved $137,307 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garnett would collect as much as $2.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garnett received $58,752 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garnett will have already received $181,597 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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