Sangamon Sun

Sangamon Sun

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Former state university employee Vorhees paid in $66K to pension fund, could collect $1.47M in retirement

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By Local Labs News Service | Feb 1, 2016

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Former state university employee Nancy Vorhees, who retired in January 2016, saved $65,995 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vorhees would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Vorhees received $30,876 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vorhees will have already received $95,434 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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