Former state university employee Jones paid in $29K to pension fund, could collect $690K in retirement

By Local Labs News Service

Jul 1, 2016

Former state university employee Loretta Jones, who retired in June 2016, saved $28,983 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $689,590, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jones received $14,494 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jones will have already received $29,423 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Southern Illinois University At Edwardsville

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