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Chambana Sun

Saturday, November 23, 2024

Former state university employee Young paid in $38K to pension fund, could collect $837K in retirement

Money 02

Former state university employee Linda Young, who retired in May 2016, saved $37,671 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Young would collect as much as $837,334, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Young received $17,600 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Young will have already received $54,400 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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