South Cook News

South Cook News

Tuesday, February 18, 2020

Former state university employee Collins paid in $3K to pension fund, could collect $38K in retirement


By Local Labs News Service | Mar 1, 2016

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Former state university employee Jo Anne Collins, who retired in February 2016, saved $2,793 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Collins would collect as much as $38,222, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Collins received $803 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Collins will have already received $3,360 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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