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Chambana Sun

Friday, April 26, 2024

Former state university employee Owens paid in $20K to pension fund, could collect $305K in retirement

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Former state university employee Maria Owens, who retired in June 2017, saved $19,992 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Owens would collect as much as $304,526, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Owens received $6,400 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Owens will have already received $26,776 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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