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Illinois Valley Times

Monday, May 20, 2024

Former state university employee Gahm paid in $128K to pension fund, could collect $2.75M in retirement

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Former state university employee Jamie Gahm, who retired in January 2016, saved $127,752 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gahm would collect as much as $2.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Gahm received $57,766 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gahm will have already received $178,549 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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