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Sangamon Sun

Friday, April 19, 2024

Former state university employee Frailey paid in $52K to pension fund, could collect $768K in retirement

Money 01

Former state university employee Karen Frailey, who retired in June 2017, saved $51,983 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frailey would collect as much as $767,735, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Frailey received $16,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Frailey will have already received $67,512 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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