Sangamon Sun

Sangamon Sun

Tuesday, February 25, 2020

Former state university employee Phillips paid in $58K to pension fund, could collect $1.16M in retirement


By Local Labs News Service | Feb 1, 2016


Former state university employee Rebecca Phillips, who retired in January 2016, saved $58,417 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Phillips received $24,469 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Phillips will have already received $75,631 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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