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DeKalb Times

Thursday, November 7, 2024

Former state university employee Graff paid in $46K to pension fund, could collect $585K in retirement

Money836

Former state university employee Nancy Graff, who retired in October 2018, saved $45,749 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Graff would collect as much as $585,177, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Graff received $12,300 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Graff will have already received $51,458 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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