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Sangamon Sun

Friday, November 22, 2024

Former state university employee Polk paid in $13K to pension fund, could collect $795K in retirement

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Former state university employee Shirley Polk, who retired in October 2016, saved $12,634 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Polk would collect as much as $794,842, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Polk received $16,707 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Polk will have already received $16,707 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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