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Sangamon Sun

Friday, November 22, 2024

Former state university employee Souza paid in $66K to pension fund, could collect $929K in retirement

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Former state university employee Maxine Souza, who retired in January 2019, saved $65,738 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Souza would collect as much as $929,433, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Souza received $19,536 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Souza will have already received $81,732 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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