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Peoria Standard

Saturday, November 23, 2024

Former state university employee Myers paid in $646 to pension fund, could collect $21K in retirement

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Former state university employee Tracey Myers, who retired in February 2017, saved $646 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Myers would collect as much as $21,066, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Myers received $442 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Myers will have already received $897 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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