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Chambana Sun

Saturday, November 23, 2024

Former state university employee Scott paid in $47K to pension fund, could collect $1.23M in retirement

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Former state university employee Marcia Scott, who retired in February 2018, saved $46,927 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $1.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Scott received $25,778 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Scott will have already received $52,329 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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