Former state university employee Garcia paid in $83K to pension fund, could collect $1.58M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Angelito Garcia, who retired in January 2018, saved $82,887 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garcia would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garcia received $33,278 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garcia will have already received $102,858 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

City Colleges of Chicago

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate