Quantcast

Chambana Sun

Friday, April 19, 2024

Former state university employee Franklin paid in $37K to pension fund, could collect $502K in retirement

Money 03

Former state university employee Jeanne Franklin, who retired in October 2018, saved $36,996 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Franklin would collect as much as $502,396, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Franklin received $10,560 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Franklin will have already received $44,179 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS