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Sangamon Sun

Monday, November 25, 2024

Former state university employee Allen paid in $2K to pension fund, could collect $51K in retirement

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Former state university employee Regina Allen, who retired in February 2016, saved $1,517 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allen would collect as much as $50,810, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Allen received $1,068 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Allen will have already received $2,168 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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