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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Combs paid in $18K to pension fund, could collect $401K in retirement

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Former state university employee Catherine Combs, who retired in June 2018, saved $17,508 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Combs would collect as much as $400,895, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Combs received $8,426 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Combs will have already received $26,044 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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