Quantcast

Sangamon Sun

Monday, November 25, 2024

Former state university employee Stephens paid in $6K to pension fund, could collect $221K in retirement

Money 04

Former state university employee Linda Stephens, who retired in November 2017, saved $5,888 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stephens would collect as much as $220,940, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Stephens received $4,644 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stephens will have already received $9,427 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS