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Sangamon Sun

Monday, November 25, 2024

Former state university employee Simpson paid in $117K to pension fund, could collect $2.72M in retirement

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Former state university employee Susan Simpson, who retired in January 2017, saved $116,606 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Simpson would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Simpson received $57,226 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Simpson will have already received $176,880 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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