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West Central Reporter

Thursday, April 25, 2024

Former state university employee Mitchell paid in $40K to pension fund, could collect $561K in retirement

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Former state university employee Raleigh Mitchell, who retired in January 2019, saved $40,465 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $561,199, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Mitchell received $11,796 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mitchell will have already received $49,351 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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