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Illinois Valley Times

Wednesday, December 25, 2024

Former state university employee Smith paid in $277 to pension fund, could collect $91K in retirement

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Former state university employee Steven Smith, who retired in July 2016, saved $277 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $90,933, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Smith received $1,911 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Smith will have already received $1,911 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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