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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Briscoe paid in $18K to pension fund, could collect $400K in retirement

Money272

Former state university employee Nettie Briscoe, who retired in April 2016, saved $17,537 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Briscoe would collect as much as $399,525, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Briscoe received $8,397 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Briscoe will have already received $25,954 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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