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South Cook News

Monday, May 20, 2024

Former state university employee Willis paid in $9K to pension fund, could collect $214K in retirement

Money 07

Former state university employee Vanessa Willis, who retired in January 2017, saved $8,587 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Willis would collect as much as $213,518, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Willis received $4,488 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Willis will have already received $9,111 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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