Former state university employee Peterson paid in $487 to pension fund, could collect $331K in retirement

Former state university employee Kathryn Peterson, who retired in June 2017, saved $487 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Peterson would collect as much as $331,244, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Peterson received $6,962 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Peterson will have already received $6,962 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.