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DeKalb Times

Saturday, November 16, 2024

Former state university employee Petros paid in $92K to pension fund, could collect $1.64M in retirement

Money 04

Former state university employee Joan Petros, who retired in July 2018, saved $92,246 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Petros would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Petros received $34,469 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Petros will have already received $106,540 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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