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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Mogharreban paid in $181K to pension fund, could collect $2.66M in retirement

Money 01

Former state university employee Catherine Mogharreban, who retired in September 2016, saved $180,530 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mogharreban would collect as much as $2.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mogharreban received $55,911 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mogharreban will have already received $233,910 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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