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McLean County Times

Saturday, April 20, 2024

Former state university employee Garris paid in $22K to pension fund, could collect $301K in retirement

Money 05

Former state university employee Kim Garris, who retired in January 2017, saved $21,778 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garris would collect as much as $300,866, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Garris received $6,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garris will have already received $26,457 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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