Quantcast

West Cook News

Thursday, April 25, 2024

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

Shutterstock 121161052

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.

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