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Sangamon Sun

Friday, November 22, 2024

Former state university employee Doolin paid in $5K to pension fund, could collect $351K in retirement

Money272

Former state university employee Patricia Doolin, who retired in January 2016, saved $4,910 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Doolin would collect as much as $351,015, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Doolin received $7,378 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Doolin will have already received $7,378 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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