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DeKalb Times

Sunday, November 24, 2024

Former state university employee Bank paid in $45K to pension fund, could collect $741K in retirement

Money 06

Former state university employee Claudia Bank, who retired in April 2017, saved $44,582 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bank would collect as much as $740,749, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Bank received $15,570 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bank will have already received $48,125 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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