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Sangamon Sun

Friday, April 19, 2024

Former state university employee Williams paid in $144K to pension fund, could collect $2.47M in retirement

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Former state university employee Virginia Williams, who retired in June 2016, saved $143,748 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $2.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Williams received $51,919 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $160,477 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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