West Central Reporter

West Central Reporter

Wednesday, November 20, 2019

Former state university employee Parmer paid in $48K to pension fund, could collect $942K in retirement

Schools

By Local Labs News Service | Feb 1, 2016

Money 08

Former state university employee Melanie Parmer, who retired in January 2016, saved $47,535 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Parmer would collect as much as $942,261, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Parmer received $19,805 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parmer will have already received $61,215 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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