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Sangamon Sun

Saturday, April 20, 2024

Former state university employee Powley paid in $46K to pension fund, could collect $521K in retirement

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Former state university employee Cheryl Powley, who retired in April 2019, saved $46,315 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Powley would collect as much as $520,665, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Powley received $10,944 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Powley will have already received $58,101 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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