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Sangamon Sun

Monday, September 30, 2024

Former state university employee Williams paid in $48K to pension fund, could collect $863K in retirement

Money 08

Former state university employee Jodelle Williams, who retired in June 2017, saved $47,509 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $862,985, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Williams received $18,139 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $56,065 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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