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DeKalb Times

Sunday, November 24, 2024

Former state university employee Andersen paid in $124K to pension fund, could collect $2.06M in retirement

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Former state university employee Ellen Andersen, who retired in July 2017, saved $124,402 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Andersen would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Andersen received $43,287 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andersen will have already received $133,797 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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