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Peoria Standard

Friday, April 19, 2024

Former state university employee Norton paid in $41K to pension fund, could collect $713K in retirement

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Former state university employee Evelyn Norton, who retired in September 2017, saved $41,216 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Norton would collect as much as $712,849, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Norton received $14,983 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Norton will have already received $46,310 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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