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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Jones paid in $698 to pension fund, could collect $135K in retirement

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Former state university employee Lawanda Jones, who retired in April 2016, saved $698 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $134,676, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jones received $2,830 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Jones will have already received $2,830 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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