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Chambana Sun

Monday, November 25, 2024

Former state university employee Neff paid in $57K to pension fund, could collect $1.36M in retirement

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Former state university employee Theresa Neff, who retired in July 2017, saved $57,184 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Neff would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Neff received $28,580 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Neff will have already received $58,017 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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