Quantcast

Metro East Sun

Friday, November 22, 2024

Former state university employee Gattung paid in $43K to pension fund, could collect $954K in retirement

Shutterstock 262120544

Former state university employee Kenneth Gattung, who retired in January 2016, saved $42,924 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gattung would collect as much as $953,673, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Gattung received $20,045 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gattung will have already received $61,956 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