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South Cook News

Thursday, December 26, 2024

Former state university employee Gillie paid in $40K to pension fund, could collect $660K in retirement

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Former state university employee Joe Gillie, who retired in June 2016, saved $39,666 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gillie would collect as much as $660,040, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Gillie received $13,873 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gillie will have already received $42,880 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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