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Chambana Sun

Tuesday, April 23, 2024

Former state university employee Vaughn paid in $90K to pension fund, could collect $1.29M in retirement

Money041

Former state university employee Liza Vaughn, who retired in December 2018, saved $90,152 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vaughn would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Vaughn received $27,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Vaughn will have already received $113,410 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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