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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Deyoung paid in $70K to pension fund, could collect $1M in retirement

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Former state university employee Michelle Deyoung, who retired in November 2018, saved $70,481 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Deyoung would collect as much as $1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Deyoung received $21,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Deyoung will have already received $88,157 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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