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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Stanfield paid in $32K to pension fund, could collect $629K in retirement

Money 02

Former state university employee Reba Stanfield, who retired in April 2016, saved $31,997 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stanfield would collect as much as $629,439, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Stanfield received $13,230 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stanfield will have already received $40,893 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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