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Sunday, November 24, 2024

Former state university employee Balasubramanian paid in $88K to pension fund, could collect $1.4M in retirement

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Former state university employee Nanditha Balasubramanian, who retired in February 2018, saved $88,458 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Balasubramanian would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Balasubramanian received $29,411 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Balasubramanian will have already received $90,906 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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