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DeKalb Times

Friday, November 22, 2024

Former state university employee Rumer paid in $28K to pension fund, could collect $829K in retirement

Money 07

Former state university employee Connie Rumer, who retired in March 2016, saved $27,775 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rumer would collect as much as $828,640, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Rumer received $17,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rumer will have already received $35,357 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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