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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Camacho paid in $57K to pension fund, could collect $824K in retirement

Money836

Former state university employee Sharon Camacho, who retired in March 2019, saved $56,749 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Camacho would collect as much as $823,815, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Camacho received $17,316 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Camacho will have already received $72,442 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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