South Cook News

South Cook News

Saturday, December 7, 2019

Former state university employee Milhous paid in $38K to pension fund, could collect $499K in retirement

Schools

By Local Labs News Service | Mar 1, 2019

Money 06

Former state university employee Carol Milhous, who retired in February 2019, saved $37,609 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Milhous would collect as much as $498,970, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Milhous received $10,488 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Milhous will have already received $43,879 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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