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Sangamon Sun

Friday, November 22, 2024

Former state university employee Evans paid in $43K to pension fund, could collect $662K in retirement

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Former state university employee Rita Evans, who retired in October 2016, saved $42,729 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Evans would collect as much as $661,661, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Evans received $13,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Evans will have already received $42,985 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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