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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Daughton paid in $116K to pension fund, could collect $2.43M in retirement

Money 03

Former state university employee Suzanne Daughton, who retired in July 2018, saved $116,241 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Daughton would collect as much as $2.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Daughton received $51,052 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daughton will have already received $157,798 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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