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DeKalb Times

Monday, November 25, 2024

Former state university employee Condon paid in $9K to pension fund, could collect $190K in retirement

Money 05

Former state university employee Jean Condon, who retired in January 2017, saved $8,857 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Condon would collect as much as $189,683, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Condon received $3,987 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Condon will have already received $12,324 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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