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Sangamon Sun

Monday, November 25, 2024

Former state university employee Cannon paid in $6K to pension fund, could collect $100K in retirement

Money 05

Former state university employee Burnetta Cannon, who retired in January 2017, saved $6,159 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cannon would collect as much as $100,439, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cannon received $2,111 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cannon will have already received $6,524 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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