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Chambana Sun

Friday, April 19, 2024

Former state university employee Cook paid in $21K to pension fund, could collect $1.15M in retirement

Money 01

Former state university employee Cynthia Cook, who retired in April 2016, saved $21,404 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cook would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cook received $24,082 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Cook will have already received $24,082 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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