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Dupage Policy Journal

Friday, April 19, 2024

Former state university employee Norton paid in $2K to pension fund, could collect $185K in retirement

Money 04

Former state university employee Barbara Norton, who retired in June 2016, saved $2,298 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Norton would collect as much as $185,389, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Norton received $3,896 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Norton will have already received $3,896 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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