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Sangamon Sun

Monday, September 30, 2024

Former state university employee Young paid in $55K to pension fund, could collect $1.22M in retirement

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Former state university employee Rena Young, who retired in June 2017, saved $54,803 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Young would collect as much as $1.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Young received $25,658 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Young will have already received $79,307 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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