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DeKalb Times

Sunday, November 24, 2024

Former state university employee Traff paid in $175K to pension fund, could collect $2.99M in retirement

Money 06

Former state university employee Linda Traff, who retired in January 2019, saved $174,786 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Traff would collect as much as $2.99 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Traff received $62,760 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Traff will have already received $193,985 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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