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Sangamon Sun

Monday, November 25, 2024

Former state university employee Baptiste paid in $30K to pension fund, could collect $704K in retirement

Money041

Former state university employee Renee Baptiste, who retired in January 2018, saved $30,289 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Baptiste would collect as much as $704,496, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Baptiste received $14,808 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baptiste will have already received $45,770 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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