Quantcast

Dupage Policy Journal

Wednesday, December 25, 2024

Former state university employee Nortell paid in $23K to pension fund, could collect $877K in retirement

Shutterstock 443523118

Former state university employee Joan Nortell, who retired in December 2016, saved $23,145 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nortell would collect as much as $876,584, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Nortell received $18,425 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Nortell will have already received $37,403 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS