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DeKalb Times

Friday, November 15, 2024

Former state university employee Patterson paid in $33K to pension fund, could collect $710K in retirement

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Former state university employee Sherry Patterson, who retired in September 2018, saved $33,489 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Patterson would collect as much as $709,703, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Patterson received $14,917 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Patterson will have already received $46,108 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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