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Sangamon Sun

Friday, November 22, 2024

Former state university employee Ward paid in $74K to pension fund, could collect $1.15M in retirement

Money 07

Former state university employee Ellen Ward, who retired in January 2019, saved $74,372 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ward would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ward received $24,132 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ward will have already received $74,590 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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