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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Overstreet paid in $53K to pension fund, could collect $1.35M in retirement

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Former state university employee Katherine Overstreet, who retired in June 2016, saved $53,030 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Overstreet would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Overstreet received $28,373 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Overstreet will have already received $57,597 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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