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Sangamon Sun

Monday, November 25, 2024

Former state university employee Conover paid in $28K to pension fund, could collect $399K in retirement

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Former state university employee Carol Conover, who retired in February 2016, saved $28,236 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Conover would collect as much as $399,091, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Conover received $8,388 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Conover will have already received $35,093 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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