Sangamon Sun

Sangamon Sun

Tuesday, February 25, 2020

Former state university employee Knox paid in $7K to pension fund, could collect $63K in retirement

Schools

By Local Labs News Service | Dec 1, 2018

Money836

Former state university employee Tracy Knox, who retired in November 2018, saved $7,303 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Knox would collect as much as $62,799, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Knox received $1,320 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Knox will have already received $8,541 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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