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Chambana Sun

Monday, November 25, 2024

Former state university employee Sappenfield paid in $83K to pension fund, could collect $1.89M in retirement

Money 07

Former state university employee Mary Sappenfield, who retired in July 2017, saved $82,974 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sappenfield would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Sappenfield received $39,804 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sappenfield will have already received $123,030 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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