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DeKalb Times

Friday, November 22, 2024

Former state university employee Jones paid in $74K to pension fund, could collect $2.25M in retirement

Money 03

Former state university employee Barbara Jones, who retired in May 2017, saved $73,983 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Jones received $47,358 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jones will have already received $96,137 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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