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Sangamon Sun

Monday, November 25, 2024

Former state university employee Sims paid in $752 to pension fund, could collect $310K in retirement

Money 01

Former state university employee Edward Sims, who retired in January 2018, saved $752 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sims would collect as much as $309,887, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sims received $6,513 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sims will have already received $6,513 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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