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Illinois Valley Times

Wednesday, December 25, 2024

Former state university employee Guttilla paid in $5K to pension fund, could collect $96K in retirement

Money759

Former state university employee Thomas Guttilla, who retired in July 2016, saved $5,011 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Guttilla would collect as much as $95,580, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Guttilla received $2,009 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Guttilla will have already received $6,209 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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