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Sangamon Sun

Friday, November 8, 2024

Former state university employee Rundblad paid in $83K to pension fund, could collect $1.33M in retirement

Money759

Former state university employee Mythili Rundblad, who retired in May 2018, saved $83,164 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rundblad would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Rundblad received $28,040 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rundblad will have already received $86,668 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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