Quantcast

DeKalb Times

Sunday, November 17, 2024

Former state university employee Pittman paid in $49K to pension fund, could collect $799K in retirement

Shutterstock 443523118

Former state university employee Pamela Pittman, who retired in June 2018, saved $48,899 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pittman would collect as much as $798,975, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Pittman received $16,793 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pittman will have already received $51,906 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS