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West Central Reporter

Tuesday, April 16, 2024

Former state university employee Patridge paid in $29K to pension fund, could collect $454K in retirement

Money 04

Former state university employee Ann Patridge, who retired in June 2018, saved $28,612 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Patridge would collect as much as $453,909, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Patridge received $9,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Patridge will have already received $29,487 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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