Prairie State Wire

Prairie State Wire

Monday, April 6, 2020

Former state university employee Anderson paid in $156K to pension fund, could collect $3.4M in retirement


By Local Labs News Service | Jan 1, 2019

Shutterstock 233512279

Former state university employee Karen Anderson, who retired in December 2018, saved $156,495 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $3.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Anderson received $71,424 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $220,765 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about Illinois Community College Board ?

Sign-up Next time we write about Illinois Community College Board, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Illinois Community College Board

More News