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Peoria Standard

Friday, November 22, 2024

Former state university employee King paid in $2K to pension fund, could collect $29K in retirement

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Former state university employee Sherry King, who retired in July 2018, saved $1,930 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, King would collect as much as $28,545, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes King received $600 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, King will have already received $2,511 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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