Former state university employee Garard paid in $14K to pension fund, could collect $276K in retirement

By Rock Island Today Reports

May 1, 2017

Former state university employee Lisa Garard, who retired in April 2017, saved $14,026 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garard would collect as much as $276,494, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Garard received $5,811 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garard will have already received $17,961 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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