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Illinois Valley Times

Saturday, November 23, 2024

Former state university employee Nelson paid in $36K to pension fund, could collect $512K in retirement

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Former state university employee Catherine Nelson, who retired in June 2016, saved $36,003 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $512,204, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Nelson received $10,766 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Nelson will have already received $45,042 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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