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Sangamon Sun

Wednesday, December 4, 2024

Former state university employee Suarez paid in $177K to pension fund, could collect $3.44M in retirement

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Former state university employee Michelle Suarez, who retired in April 2019, saved $177,189 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Suarez would collect as much as $3.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Suarez received $72,312 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Suarez will have already received $223,508 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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