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Sangamon Sun

Monday, November 25, 2024

Former state university employee Toohey paid in $32K to pension fund, could collect $871K in retirement

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Former state university employee Janet Toohey, who retired in November 2018, saved $31,825 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Toohey would collect as much as $870,818, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Toohey received $18,303 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Toohey will have already received $37,155 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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