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West Cook News

Saturday, November 23, 2024

Former state university employee Collins paid in $10K to pension fund, could collect $285K in retirement

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Former state university employee Cheryl Collins, who retired in February 2017, saved $10,166 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Collins would collect as much as $285,207, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Collins received $5,994 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Collins will have already received $12,168 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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