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West Central Reporter

Tuesday, November 26, 2024

Former state university employee Simonson paid in $166K to pension fund, could collect $3.94M in retirement

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Former state university employee Sara Simonson, who retired in July 2016, saved $166,280 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Simonson would collect as much as $3.94 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Simonson received $82,822 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Simonson will have already received $168,129 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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