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Chambana Sun

Monday, November 25, 2024

Former state university employee Bantham paid in $39K to pension fund, could collect $666K in retirement

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Former state university employee Mary Bantham, who retired in June 2016, saved $38,523 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bantham would collect as much as $666,131, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Bantham received $14,001 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bantham will have already received $43,276 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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