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Chambana Sun

Sunday, November 24, 2024

Former state university employee Daniels paid in $66K to pension fund, could collect $1.16M in retirement

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Former state university employee Marsha Daniels, who retired in June 2017, saved $66,370 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Daniels would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Daniels received $24,414 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daniels will have already received $75,460 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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