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Chambana Sun

Tuesday, April 23, 2024

Former state university employee Wilson paid in $69K to pension fund, could collect $1.43M in retirement

Money 08

Former state university employee Melissa Wilson, who retired in March 2017, saved $69,357 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wilson would collect as much as $1.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Wilson received $29,966 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wilson will have already received $92,622 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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