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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Li paid in $60K to pension fund, could collect $1.28M in retirement

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Former state university employee Yuqing Li, who retired in March 2019, saved $60,080 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Li would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Li received $27,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Li will have already received $83,454 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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