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Sangamon Sun

Monday, September 30, 2024

Former state university employee Jackson paid in $109K to pension fund, could collect $2.81M in retirement

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Former state university employee Anna Jackson, who retired in June 2017, saved $108,848 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jackson would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jackson received $58,986 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jackson will have already received $119,742 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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