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Kane County Reporter

Wednesday, April 17, 2024

Former state university employee Garrett paid in $215K to pension fund, could collect $4.19M in retirement

Money 08

Former state university employee Michael Garrett, who retired in January 2019, saved $214,913 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garrett would collect as much as $4.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Garrett received $88,032 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garrett will have already received $272,098 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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