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West Central Reporter

Friday, April 26, 2024

Former state university employee Munro paid in $51K to pension fund, could collect $663K in retirement

Money 03

Former state university employee Heather Munro, who retired in September 2018, saved $51,086 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Munro would collect as much as $662,820, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Munro received $13,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Munro will have already received $58,287 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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