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Sangamon Sun

Friday, November 22, 2024

Former state university employee Mays paid in $19K to pension fund, could collect $420K in retirement

Money 02

Former state university employee Lula Mays, who retired in October 2016, saved $18,844 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mays would collect as much as $420,237, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mays received $8,833 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mays will have already received $27,302 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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