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South Cook News

Friday, April 19, 2024

Former state university employee Miller paid in $113K to pension fund, could collect $2.58M in retirement

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Former state university employee Yvonne Miller, who retired in January 2016, saved $112,504 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Miller received $54,227 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $167,611 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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