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Dupage Policy Journal

Tuesday, April 16, 2024

Former state university employee Payne paid in $190K to pension fund, could collect $3.46M in retirement

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Former state university employee Nancy Payne, who retired in June 2018, saved $189,721 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Payne would collect as much as $3.46 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Payne received $72,722 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Payne will have already received $224,777 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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