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Sangamon Sun

Thursday, November 14, 2024

Former state university employee Jung paid in $104K to pension fund, could collect $1.2M in retirement

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Former state university employee Deborah Jung, who retired in October 2018, saved $103,932 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jung would collect as much as $1.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jung received $25,174 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Jung will have already received $105,318 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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