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West Central Reporter

Tuesday, November 26, 2024

Former state university employee Thomas paid in $78K to pension fund, could collect $1.41M in retirement

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Former state university employee Sara Thomas, who retired in January 2017, saved $78,326 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Thomas received $29,739 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $91,920 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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