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DeKalb Times

Friday, November 22, 2024

Former state university employee Vincent paid in $16K to pension fund, could collect $600K in retirement

Money836

Former state university employee Frances Vincent, who retired in May 2018, saved $15,615 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vincent would collect as much as $599,889, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Vincent received $12,609 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Vincent will have already received $25,596 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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