Former state university employee Altman paid in $128K to pension fund, could collect $2.44M in retirement

By East Central Reporter Reports

Oct 1, 2016

Former state university employee Galen Altman, who retired in September 2016, saved $128,010 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Altman would collect as much as $2.44 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Altman received $51,303 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Altman will have already received $158,572 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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