Quantcast

Chambana Sun

Sunday, November 24, 2024

Former state university employee Wells paid in $43K to pension fund, could collect $1.64M in retirement

Shutterstock 373239541

Former state university employee Susan Wells, who retired in April 2019, saved $42,823 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wells would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Wells received $34,476 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wells will have already received $69,986 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS