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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Overland paid in $213K to pension fund, could collect $4.37M in retirement

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Former state university employee Susan Overland, who retired in June 2016, saved $212,559 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Overland would collect as much as $4.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Overland received $91,854 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Overland will have already received $283,912 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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