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Chambana Sun

Friday, April 19, 2024

Former state university employee Combes paid in $31K to pension fund, could collect $626K in retirement

Money 04

Former state university employee Mary Combes, who retired in January 2018, saved $30,852 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Combes would collect as much as $625,540, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Combes received $13,148 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Combes will have already received $40,638 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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