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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Pettigrew paid in $28K to pension fund, could collect $440K in retirement

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Former state university employee Mary Pettigrew, who retired in June 2016, saved $28,319 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pettigrew would collect as much as $439,756, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pettigrew received $9,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pettigrew will have already received $28,569 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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