Quantcast

DeKalb Times

Friday, November 22, 2024

Former state university employee Montgomery paid in $80K to pension fund, could collect $1.65M in retirement

Shutterstock 262120544

Former state university employee Mollie Montgomery, who retired in January 2018, saved $79,558 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Montgomery would collect as much as $1.65 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Montgomery received $34,727 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Montgomery will have already received $107,338 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS