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Sangamon Sun

Friday, April 26, 2024

Former state university employee Frith paid in $130K to pension fund, could collect $1.94M in retirement

Money 08

Former state university employee Katherine Frith, who retired in September 2017, saved $129,655 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frith would collect as much as $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Frith received $40,783 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Frith will have already received $170,619 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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