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West Central Reporter

Friday, April 19, 2024

Former state university employee Campbell paid in $43K to pension fund, could collect $538K in retirement

Money759

Former state university employee Clara Campbell, who retired in January 2019, saved $43,456 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Campbell would collect as much as $538,363, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Campbell received $11,316 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Campbell will have already received $47,341 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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