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Sangamon Sun

Thursday, November 21, 2024

Former state university employee Bettis paid in $53K to pension fund, could collect $724K in retirement

Money 04

Former state university employee Alice Bettis, who retired in April 2019, saved $52,968 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bettis would collect as much as $724,478, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bettis received $15,228 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bettis will have already received $63,710 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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