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West Central Reporter

Tuesday, November 26, 2024

Former state university employee Lee paid in $50K to pension fund, could collect $1.14M in retirement

Money272

Former state university employee Deborah Lee, who retired in January 2017, saved $50,240 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lee would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Lee received $23,857 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lee will have already received $73,740 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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