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Chambana Sun

Monday, April 15, 2024

Former state university employee Williams paid in $18K to pension fund, could collect $239K in retirement

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Former state university employee Jane Williams, who retired in March 2019, saved $18,094 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $238,638, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Williams received $5,016 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Williams will have already received $20,984 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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