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Sangamon Sun

Monday, May 20, 2024

Former state university employee Atwell paid in $53K to pension fund, could collect $1.14M in retirement

Money 06

Former state university employee Julie Atwell, who retired in June 2018, saved $53,371 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Atwell would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Atwell received $24,009 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Atwell will have already received $74,209 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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