Former state university employee Galey paid in $57K to pension fund, could collect $1.09M in retirement

By East Central Reporter Reports

Feb 1, 2016

Former state university employee Reggie Galey, who retired in January 2016, saved $57,179 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Galey would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Galey received $22,939 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Galey will have already received $70,902 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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