Prairie State Wire

Prairie State Wire

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Former state university employee Rowe paid in $26K to pension fund, could collect $344K in retirement

Schools

By Local Labs News Service | Feb 1, 2017

Money 08

Former state university employee Goebel Rowe, who retired in January 2017, saved $26,022 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rowe would collect as much as $343,764, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Rowe received $7,225 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Rowe will have already received $30,227 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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