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Chambana Sun

Saturday, November 23, 2024

Former state university employee West paid in $24K to pension fund, could collect $1.14M in retirement

Money 07

Former state university employee Julie West, who retired in November 2017, saved $24,308 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, West would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes West received $23,988 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, West will have already received $48,696 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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