Sangamon Sun

Sangamon Sun

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Former state university employee Mallory paid in $33K to pension fund, could collect $463K in retirement

Schools

By Local Labs News Service | Feb 1, 2017

Money 08

Former state university employee Hazel Mallory, who retired in January 2017, saved $33,281 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mallory would collect as much as $462,718, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mallory received $9,726 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mallory will have already received $40,692 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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