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DeKalb Times

Monday, November 18, 2024

Former state university employee Bywaters paid in $15K to pension fund, could collect $743K in retirement

Money 03

Former state university employee Lisa Bywaters, who retired in April 2018, saved $15,026 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bywaters would collect as much as $743,249, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Bywaters received $15,622 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Bywaters will have already received $15,622 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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