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DeKalb Times

Friday, November 22, 2024

Former state university employee Cook Webb paid in $173 to pension fund, could collect $142K in retirement

Money 02

Former state university employee Pamela Cook Webb, who retired in June 2016, saved $173 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cook Webb would collect as much as $141,926, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Cook Webb received $2,983 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Cook Webb will have already received $2,983 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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