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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Coakes paid in $189K to pension fund, could collect $2.51M in retirement

Money 05

Former state university employee Michelle Coakes, who retired in June 2018, saved $188,905 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Coakes would collect as much as $2.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Coakes received $52,847 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Coakes will have already received $221,091 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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