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Sangamon Sun

Monday, May 20, 2024

Former state university employee Vertrees paid in $47K to pension fund, could collect $1.1M in retirement

Money 04

Former state university employee Cheryl Vertrees, who retired in January 2016, saved $47,319 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vertrees would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Vertrees received $23,136 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vertrees will have already received $71,511 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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