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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Howard paid in $2K to pension fund, could collect $43K in retirement

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Former state university employee Joann Howard, who retired in July 2018, saved $1,556 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Howard would collect as much as $42,817, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Howard received $900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Howard will have already received $1,827 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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