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Sangamon Sun

Monday, November 25, 2024

Former state university employee Woodruff paid in $10K to pension fund, could collect $240K in retirement

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Former state university employee Rem Woodruff, who retired in July 2017, saved $9,862 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Woodruff would collect as much as $239,683, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Woodruff received $5,037 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Woodruff will have already received $10,225 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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