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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Scally paid in $168K to pension fund, could collect $2.36M in retirement

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Former state university employee Elizabeth Scally, who retired in July 2018, saved $167,811 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scally would collect as much as $2.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Scally received $49,654 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Scally will have already received $207,734 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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