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Macon Reporter

Monday, December 23, 2024

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

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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.

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