Sangamon Sun

Sangamon Sun

Tuesday, February 25, 2020

Former state university employee Latimer paid in $11K to pension fund, could collect $568K in retirement

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By Local Labs News Service | Feb 1, 2016

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Former state university employee Elizabeth Latimer, who retired in January 2016, saved $10,992 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Latimer would collect as much as $567,633, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Latimer received $11,931 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Latimer will have already received $11,931 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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