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Chambana Sun

Tuesday, April 23, 2024

Former state university employee Locke paid in $82K to pension fund, could collect $1.59M in retirement

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Former state university employee Suzann Locke, who retired in January 2016, saved $81,849 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Locke would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Locke received $33,474 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Locke will have already received $103,464 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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