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South Cook News

Wednesday, February 26, 2020

Former state university employee Straton paid in $73K to pension fund, could collect $1.17M in retirement


By Local Labs News Service | Jul 1, 2018

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Former state university employee Bonnie Straton, who retired in June 2018, saved $72,812 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Straton would collect as much as $1.17 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Straton received $24,576 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Straton will have already received $75,961 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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