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Sangamon Sun

Monday, November 25, 2024

Former state university employee Betke paid in $14K to pension fund, could collect $361K in retirement

Money 08

Former state university employee Kathleen Betke, who retired in July 2017, saved $14,414 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Betke would collect as much as $361,074, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Betke received $7,589 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Betke will have already received $15,406 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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