Quantcast

Sangamon Sun

Monday, November 25, 2024

Former state university employee Fenton paid in $41K to pension fund, could collect $1.89M in retirement

Shutterstock 262120544

Former state university employee Patricia Fenton, who retired in January 2018, saved $40,912 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fenton would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Fenton received $39,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Fenton will have already received $80,540 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS