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Chambana Sun

Saturday, November 23, 2024

Former state university employee Miller paid in $34K to pension fund, could collect $306K in retirement

Money 07

Former state university employee Donna Miller, who retired in February 2018, saved $34,293 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $306,005, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Miller received $6,432 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Miller will have already received $41,607 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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