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Sangamon Sun

Wednesday, November 13, 2024

Former state university employee North paid in $23K to pension fund, could collect $1.14M in retirement

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Former state university employee Sharon North, who retired in May 2018, saved $22,742 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, North would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes North received $23,966 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, North will have already received $23,966 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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