Quantcast

South Cook News

Saturday, April 20, 2024

Former state university employee Gleason paid in $19K to pension fund, could collect $1.14M in retirement

Shutterstock 385535740

Former state university employee Michael Gleason, who retired in May 2018, saved $19,413 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gleason would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Gleason received $23,997 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Gleason will have already received $23,997 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