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Sangamon Sun

Friday, May 3, 2024

Former state university employee Frank paid in $142K to pension fund, could collect $3.83M in retirement

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Former state university employee Linda Frank, who retired in June 2017, saved $142,400 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frank would collect as much as $3.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Frank received $80,587 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Frank will have already received $163,592 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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