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Chambana Sun

Saturday, November 23, 2024

Former state university employee Mitchell paid in $50K to pension fund, could collect $1.06M in retirement

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Former state university employee Deborah Mitchell, who retired in April 2017, saved $50,247 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $1.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Mitchell received $22,244 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mitchell will have already received $68,753 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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