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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Guthrie paid in $22K to pension fund, could collect $561K in retirement

Money272

Former state university employee William Guthrie, who retired in June 2016, saved $22,266 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Guthrie would collect as much as $560,897, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Guthrie received $11,789 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Guthrie will have already received $23,932 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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