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Dupage Policy Journal

Tuesday, November 19, 2024

Former state university employee Freke paid in $20K to pension fund, could collect $323K in retirement

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Former state university employee Deborah Freke, who retired in October 2017, saved $19,556 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Freke would collect as much as $322,972, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Freke received $6,788 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Freke will have already received $20,982 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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