West Central Reporter

West Central Reporter

Monday, November 18, 2019

Former state university employee Retherford paid in $57K to pension fund, could collect $1.23M in retirement


By Local Labs News Service | Feb 1, 2016

Money 07

Former state university employee Lois Retherford, who retired in January 2016, saved $56,750 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Retherford would collect as much as $1.23 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Retherford received $25,863 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Retherford will have already received $79,940 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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