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Sangamon Sun

Thursday, November 14, 2024

Former state university employee Eastwood paid in $74K to pension fund, could collect $1.82M in retirement

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Former state university employee Candace Eastwood, who retired in January 2018, saved $74,478 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eastwood would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Eastwood received $38,333 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Eastwood will have already received $77,816 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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