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Chambana Sun

Monday, November 25, 2024

Former state university employee Layden paid in $8K to pension fund, could collect $70K in retirement

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Former state university employee Susan Layden, who retired in June 2016, saved $8,254 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Layden would collect as much as $70,004, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Layden received $1,471 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Layden will have already received $9,513 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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