Quantcast

West Cook News

Monday, November 25, 2024

Former state university employee Sudduth paid in $186K to pension fund, could collect $6.37M in retirement

Shutterstock 267646277

Former state university employee Magalene Sudduth, who retired in May 2017, saved $186,485 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sudduth would collect as much as $6.37 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Sudduth received $133,848 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sudduth will have already received $271,711 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