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Chambana Sun

Sunday, November 24, 2024

Former state university employee Salk paid in $6K to pension fund, could collect $111K in retirement

Money 03

Former state university employee Julie Salk, who retired in June 2017, saved $5,915 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Salk would collect as much as $110,864, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Salk received $2,330 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Salk will have already received $7,202 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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