Quantcast

South Cook News

Wednesday, April 24, 2024

Former state university employee Myler paid in $29K to pension fund, could collect $886K in retirement

Shutterstock 121161052

Former state university employee Jennifer Myler, who retired in June 2016, saved $28,955 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Myler would collect as much as $886,181, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Myler received $18,626 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Myler will have already received $37,811 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS