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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Twitty paid in $49K to pension fund, could collect $842K in retirement

Money 05

Former state university employee Jacqueline Twitty, who retired in May 2017, saved $48,682 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Twitty would collect as much as $842,004, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Twitty received $17,698 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Twitty will have already received $54,703 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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