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Chambana Sun

Monday, November 25, 2024

Former state university employee Meins paid in $60K to pension fund, could collect $1.39M in retirement

Money041

Former state university employee Tonya Meins, who retired in July 2017, saved $59,878 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meins would collect as much as $1.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Meins received $29,229 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meins will have already received $90,344 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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