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Sangamon Sun

Monday, November 25, 2024

Former state university employee Stocking paid in $99K to pension fund, could collect $1.84M in retirement

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Former state university employee Rachel Stocking, who retired in January 2018, saved $99,056 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stocking would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Stocking received $38,777 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stocking will have already received $119,855 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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