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South Cook News

Friday, April 19, 2024

Former state university employee Galka paid in $77K to pension fund, could collect $1.61M in retirement

Money 06

Former state university employee Mary Galka, who retired in August 2017, saved $76,817 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Galka would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Galka received $33,930 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Galka will have already received $104,874 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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