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Sangamon Sun

Thursday, May 9, 2024

Former state university employee Scott paid in $18K to pension fund, could collect $281K in retirement

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Former state university employee Vickie Scott, who retired in January 2016, saved $18,341 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $280,605, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Scott received $5,898 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Scott will have already received $24,675 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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