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Sangamon Sun

Monday, November 25, 2024

Former state university employee Collar paid in $17K to pension fund, could collect $964K in retirement

Money 08

Former state university employee Kathy Collar, who retired in February 2016, saved $17,412 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Collar would collect as much as $964,361, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Collar received $20,270 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Collar will have already received $20,270 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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