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Sangamon Sun

Sunday, December 22, 2024

Former state university employee Blum paid in $2K to pension fund, could collect $91K in retirement

Money 04

Former state university employee Cynthia Blum, who retired in June 2018, saved $1,829 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Blum would collect as much as $90,973, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Blum received $1,912 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Blum will have already received $1,912 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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