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West Cook News

Monday, December 23, 2024

Former state university employee Pickell paid in $12K to pension fund, could collect $198K in retirement

Money 01

Former state university employee Susan Pickell, who retired in June 2016, saved $12,358 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pickell would collect as much as $198,223, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Pickell received $4,166 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pickell will have already received $12,877 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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