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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Anderson paid in $25K to pension fund, could collect $373K in retirement

Money 01

Former state university employee Elizabeth Anderson, who retired in June 2016, saved $25,266 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $373,457, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Anderson received $7,849 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Anderson will have already received $32,837 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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