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Peoria Standard

Monday, May 20, 2024

Former state university employee Willis paid in $407 to pension fund, could collect $67K in retirement

Money759

Former state university employee Lorraine Willis, who retired in June 2017, saved $407 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Willis would collect as much as $67,235, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Willis received $1,413 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Willis will have already received $1,413 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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