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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Massey paid in $25K to pension fund, could collect $448K in retirement

Money 02

Former state university employee Kathy Massey, who retired in September 2017, saved $24,852 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Massey would collect as much as $448,377, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Massey received $9,424 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Massey will have already received $29,129 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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