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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Rivera paid in $116K to pension fund, could collect $1.8M in retirement

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Former state university employee Beverly Rivera, who retired in January 2019, saved $115,994 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rivera would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Rivera received $37,800 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rivera will have already received $116,836 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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