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Sangamon Sun

Monday, November 25, 2024

Former state university employee Morse paid in $11K to pension fund, could collect $181K in retirement

Money 06

Former state university employee Dianne Morse, who retired in January 2018, saved $11,469 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Morse would collect as much as $180,799, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Morse received $3,800 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morse will have already received $11,745 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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