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Sangamon Sun

Monday, November 25, 2024

Former state university employee Nelson paid in $10K to pension fund, could collect $232K in retirement

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Former state university employee Patrice Nelson, who retired in November 2018, saved $9,952 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $232,358, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Nelson received $4,884 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nelson will have already received $15,097 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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