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DeKalb Times

Tuesday, November 5, 2024

Former state university employee Franklin paid in $146K to pension fund, could collect $2.5M in retirement

Money041

Former state university employee Nadine Franklin, who retired in September 2017, saved $145,954 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Franklin would collect as much as $2.5 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Franklin received $52,468 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Franklin will have already received $162,173 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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