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Sangamon Sun

Thursday, November 21, 2024

Former state university employee Riley paid in $32K to pension fund, could collect $339K in retirement

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Former state university employee Julie Riley, who retired in February 2019, saved $31,915 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Riley would collect as much as $339,117, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Riley received $7,128 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Riley will have already received $37,844 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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