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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Harris paid in $69K to pension fund, could collect $1.48M in retirement

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Former state university employee Teresa Harris, who retired in July 2018, saved $68,954 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harris would collect as much as $1.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Harris received $31,148 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harris will have already received $96,274 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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