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Chambana Sun

Tuesday, April 23, 2024

Former state university employee Pitcock paid in $63K to pension fund, could collect $783K in retirement

Money836

Former state university employee Melissa Pitcock, who retired in December 2018, saved $63,137 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pitcock would collect as much as $783,281, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Pitcock received $16,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pitcock will have already received $68,880 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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