Sangamon Sun

Sangamon Sun

Monday, February 17, 2020

Former state university employee Somers paid in $8K to pension fund, could collect $473K in retirement

Schools

By Local Labs News Service | Oct 1, 2018

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Former state university employee Pamela Somers, who retired in September 2018, saved $7,783 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Somers would collect as much as $472,589, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Somers received $9,933 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Somers will have already received $9,933 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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