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Sangamon Sun

Tuesday, April 23, 2024

Former state university employee Williams paid in $5K to pension fund, could collect $213K in retirement

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Former state university employee Karen Williams, who retired in July 2016, saved $4,697 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $212,576, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Williams received $4,468 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Williams will have already received $9,070 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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