Quantcast

DeKalb Times

Saturday, November 23, 2024

Former state university employee Mitchell paid in $61K to pension fund, could collect $1.04M in retirement

Money 06

Former state university employee Lynn Mitchell, who retired in June 2016, saved $60,603 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Mitchell received $21,840 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mitchell will have already received $67,505 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS