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McLean County Times

Tuesday, November 26, 2024

Former state university employee Gerike paid in $43K to pension fund, could collect $687K in retirement

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Former state university employee Susan Gerike, who retired in May 2016, saved $43,259 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gerike would collect as much as $687,352, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Gerike received $14,447 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gerike will have already received $44,653 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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