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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Walker paid in $9K to pension fund, could collect $244K in retirement

Money 03

Former state university employee Nancy Walker, who retired in July 2016, saved $8,788 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walker would collect as much as $244,307, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Walker received $5,135 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walker will have already received $10,424 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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