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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Whitney paid in $73K to pension fund, could collect $1.51M in retirement

Money041

Former state university employee Jill Whitney, who retired in January 2019, saved $72,919 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Whitney would collect as much as $1.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Whitney received $31,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Whitney will have already received $98,402 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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