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DeKalb Times

Saturday, November 16, 2024

Former state university employee Nelson paid in $139K to pension fund, could collect $3.19M in retirement

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Former state university employee Cynthia Nelson, who retired in July 2018, saved $139,462 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $3.19 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Nelson received $67,120 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nelson will have already received $207,462 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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