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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Steinsultz paid in $2K to pension fund, could collect $88K in retirement

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Former state university employee Patricia Steinsultz, who retired in February 2016, saved $2,143 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Steinsultz would collect as much as $87,622, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Steinsultz received $1,841 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Steinsultz will have already received $3,737 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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