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Peoria Standard

Monday, November 25, 2024

Former state university employee Arnett paid in $3K to pension fund, could collect $40K in retirement

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Former state university employee Kathleen Arnett, who retired in September 2016, saved $3,300 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Arnett would collect as much as $39,934, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Arnett received $839 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Arnett will have already received $3,510 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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