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McLean County Times

Friday, November 15, 2024

Former state university employee Garrison paid in $97K to pension fund, could collect $2.33M in retirement

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Former state university employee Kenneth Garrison, who retired in January 2018, saved $97,002 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garrison would collect as much as $2.33 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Garrison received $49,037 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Garrison will have already received $99,545 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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