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Sangamon Sun

Thursday, May 9, 2024

Former state university employee Meyerhoff paid in $36K to pension fund, could collect $622K in retirement

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Former state university employee Joanne Meyerhoff, who retired in January 2016, saved $36,368 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meyerhoff would collect as much as $621,704, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Meyerhoff received $13,067 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meyerhoff will have already received $40,389 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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