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Sangamon Sun

Friday, April 26, 2024

Former state university employee Cunningham paid in $41K to pension fund, could collect $546K in retirement

Money 02

Former state university employee Lauri Cunningham, who retired in April 2017, saved $41,092 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cunningham would collect as much as $545,533, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cunningham received $11,466 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cunningham will have already received $47,969 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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