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Illinois Valley Times

Friday, April 26, 2024

Former state university employee Luebke paid in $11K to pension fund, could collect $153K in retirement

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Former state university employee Nancy Luebke, who retired in January 2017, saved $10,583 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Luebke would collect as much as $153,333, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Luebke received $3,222 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Luebke will have already received $13,482 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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