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Sangamon Sun

Thursday, November 14, 2024

Former state university employee Smith paid in $3K to pension fund, could collect $43K in retirement

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Former state university employee Dianne Smith, who retired in January 2018, saved $2,979 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $42,817, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Smith received $900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Smith will have already received $3,766 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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