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Chambana Sun

Wednesday, April 24, 2024

Former state university employee Spurgeon paid in $25K to pension fund, could collect $295K in retirement

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Former state university employee Diane Spurgeon, who retired in May 2016, saved $25,474 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Spurgeon would collect as much as $294,895, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Spurgeon received $6,198 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Spurgeon will have already received $25,931 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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