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DeKalb Times

Friday, November 22, 2024

Former state university employee Anderson paid in $60K to pension fund, could collect $1.6M in retirement

Money 08

Former state university employee Michele Anderson, who retired in March 2016, saved $59,948 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Anderson received $33,656 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Anderson will have already received $68,322 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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