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Chambana Sun

Monday, November 25, 2024

Former state university employee Friese paid in $53K to pension fund, could collect $1.06M in retirement

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Former state university employee Pamela Friese, who retired in June 2016, saved $53,028 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Friese would collect as much as $1.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Friese received $22,375 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Friese will have already received $69,158 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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