Dupage Policy Journal

Dupage Policy Journal

Friday, February 21, 2020

Former state university employee Smith paid in $44K to pension fund, could collect $884K in retirement


By Local Labs News Service | Feb 1, 2016

Shutterstock 381111379

Former state university employee Minda Smith, who retired in January 2016, saved $43,646 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $883,846, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Smith received $18,577 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $57,419 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about Illinois Mathematics & Science Academy ?

Sign-up Next time we write about Illinois Mathematics & Science Academy, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Illinois Mathematics & Science Academy

More News