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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Noble Allgire paid in $225K to pension fund, could collect $4.87M in retirement

Money 06

Former state university employee Alice Noble Allgire, who retired in July 2018, saved $224,506 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Noble Allgire would collect as much as $4.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Noble Allgire received $102,389 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Noble Allgire will have already received $316,475 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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