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DeKalb Times

Sunday, December 22, 2024

Former state university employee Benson paid in $25K to pension fund, could collect $589K in retirement

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Former state university employee Joan Benson, who retired in November 2017, saved $24,836 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Benson would collect as much as $589,191, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Benson received $12,384 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Benson will have already received $25,140 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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