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Sangamon Sun

Friday, April 19, 2024

Former state university employee Samsa paid in $113K to pension fund, could collect $2.07M in retirement

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Former state university employee Janice Samsa, who retired in December 2017, saved $112,824 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Samsa would collect as much as $2.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Samsa received $43,614 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Samsa will have already received $134,806 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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