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Peoria Standard

Sunday, November 24, 2024

Former state university employee Reynolds paid in $15K to pension fund, could collect $762K in retirement

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Former state university employee Beverly Reynolds, who retired in August 2018, saved $15,340 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reynolds would collect as much as $761,844, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Reynolds received $16,013 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Reynolds will have already received $16,013 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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