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Sunday, February 23, 2020

Former state university employee Swanson paid in $34K to pension fund, could collect $567K in retirement

Schools

By Local Labs News Service | Feb 1, 2017

Money041

Former state university employee Sally Swanson, who retired in January 2017, saved $33,807 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Swanson would collect as much as $566,971, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Swanson received $11,917 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Swanson will have already received $36,835 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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