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Sangamon Sun

Monday, November 25, 2024

Former state university employee Fleeharty paid in $65K to pension fund, could collect $1.28M in retirement

Money272

Former state university employee Ada Fleeharty, who retired in January 2017, saved $64,691 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fleeharty would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Fleeharty received $26,802 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fleeharty will have already received $82,842 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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