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Chambana Sun

Monday, November 25, 2024

Former state university employee Valentine paid in $47K to pension fund, could collect $974K in retirement

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Former state university employee Debra Valentine, who retired in June 2016, saved $46,886 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Valentine would collect as much as $973,781, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Valentine received $20,468 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Valentine will have already received $63,264 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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