Quantcast

DeKalb Times

Sunday, November 24, 2024

Former state university employee Latimer paid in $36K to pension fund, could collect $576K in retirement

Shutterstock 381111379

Former state university employee Lois Latimer, who retired in January 2019, saved $36,091 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Latimer would collect as much as $576,043, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Latimer received $12,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Latimer will have already received $37,424 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS