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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Riley paid in $12K to pension fund, could collect $200K in retirement

Money 07

Former state university employee Cheryl Riley, who retired in June 2016, saved $12,488 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Riley would collect as much as $199,970, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Riley received $4,203 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Riley will have already received $12,991 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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