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Sangamon Sun

Monday, November 25, 2024

Former state university employee Ohms paid in $14K to pension fund, could collect $398K in retirement

Money759

Former state university employee Jean Ohms, who retired in July 2016, saved $13,658 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ohms would collect as much as $397,692, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ohms received $8,359 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ohms will have already received $16,969 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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