Quantcast

Kane County Reporter

Friday, April 19, 2024

Former state university employee Garza paid in $31K to pension fund, could collect $635K in retirement

Money836

Former state university employee Samuel Garza, who retired in December 2017, saved $31,174 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garza would collect as much as $635,223, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Garza received $13,351 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garza will have already received $41,268 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS