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South Cook News

Wednesday, November 27, 2024

Former state university employee Person paid in $328 to pension fund, could collect $76K in retirement

Money759

Former state university employee Bruce Person, who retired in February 2018, saved $328 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Person would collect as much as $76,335, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Person received $1,604 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Person will have already received $1,604 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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