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Quincy Reporter

Friday, November 22, 2024

Former state university employee Gehrt paid in $14K to pension fund, could collect $219K in retirement

Money 05

Former state university employee Kathleen Gehrt, who retired in November 2017, saved $13,882 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gehrt would collect as much as $218,656, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Gehrt received $4,596 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gehrt will have already received $14,206 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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