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Chambana Sun

Sunday, November 24, 2024

Former state university employee Brown paid in $79K to pension fund, could collect $1.33M in retirement

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Former state university employee Cynthia Brown, who retired in June 2017, saved $78,873 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Brown received $27,986 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $86,503 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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