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DeKalb Times

Tuesday, April 23, 2024

Former state university employee Collin paid in $46K to pension fund, could collect $1.33M in retirement

Money 01

Former state university employee Patricia Collin, who retired in May 2017, saved $45,742 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Collin would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Collin received $28,021 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Collin will have already received $56,883 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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