Quantcast

Macon Reporter

Friday, May 3, 2024

Former state university employee Saunders paid in $343K to pension fund, could collect $10.8M in retirement

Shutterstock 267646277

Former state university employee Gayle Saunders, who retired in March 2016, saved $342,926 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Saunders would collect as much as $10.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Saunders received $227,032 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Saunders will have already received $460,875 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