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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Jenkins paid in $52K to pension fund, could collect $1.28M in retirement

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Former state university employee Mary Jenkins, who retired in February 2018, saved $51,633 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jenkins would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jenkins received $26,922 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jenkins will have already received $54,652 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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