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Sangamon Sun

Monday, November 25, 2024

Former state university employee Biver paid in $66K to pension fund, could collect $1.32M in retirement

Money 06

Former state university employee Sandra Biver, who retired in July 2017, saved $65,646 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Biver would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Biver received $27,683 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Biver will have already received $85,564 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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