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Chambana Sun

Wednesday, November 27, 2024

Former state university employee King paid in $7K to pension fund, could collect $119K in retirement

Money 07

Former state university employee Judith King, who retired in April 2017, saved $7,431 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, King would collect as much as $119,302, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes King received $2,507 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, King will have already received $7,748 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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