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West Central Reporter

Tuesday, November 26, 2024

Former state university employee Brown paid in $27K to pension fund, could collect $1.75M in retirement

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Former state university employee Sharon Brown, who retired in June 2016, saved $27,410 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Brown received $36,837 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Brown will have already received $36,837 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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