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DeKalb Times

Friday, November 22, 2024

Former state university employee Root paid in $20K to pension fund, could collect $342K in retirement

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Former state university employee Paula Root, who retired in March 2016, saved $20,234 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Root would collect as much as $342,434, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Root received $7,197 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Root will have already received $22,245 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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