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South Cook News

Tuesday, April 23, 2024

Former state university employee Taboas paid in $12K to pension fund, could collect $673K in retirement

Money759

Former state university employee Peggy Taboas, who retired in January 2016, saved $12,095 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taboas would collect as much as $672,588, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Taboas received $14,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Taboas will have already received $14,137 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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