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DeKalb Times

Saturday, November 23, 2024

Former state university employee Pickett paid in $4K to pension fund, could collect $75K in retirement

Money 07

Former state university employee Phyllis Pickett, who retired in June 2016, saved $4,031 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pickett would collect as much as $74,765, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Pickett received $1,571 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pickett will have already received $4,856 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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