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Sangamon Sun

Thursday, May 9, 2024

Former state university employee Meadows paid in $48K to pension fund, could collect $1.36M in retirement

Money 01

Former state university employee Melody Meadows, who retired in January 2016, saved $47,853 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meadows would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Meadows received $28,550 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Meadows will have already received $57,957 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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