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Sangamon Sun

Thursday, November 7, 2024

Former state university employee Neeley paid in $69K to pension fund, could collect $1.57M in retirement

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Former state university employee Elizabeth Neeley, who retired in May 2018, saved $69,218 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Neeley would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Neeley received $32,995 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Neeley will have already received $101,985 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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