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South Cook News

Wednesday, April 24, 2024

Former state university employee Cook paid in $5K to pension fund, could collect $388K in retirement

Money 06

Former state university employee Alma Cook, who retired in August 2017, saved $4,796 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cook would collect as much as $387,718, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Cook received $8,149 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Cook will have already received $8,149 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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