Former state university employee Phillips paid in $62K to pension fund, could collect $1.73M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Rhonda Phillips, who retired in January 2018, saved $61,690 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Phillips received $36,325 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Phillips will have already received $73,740 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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