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North Cook News

Tuesday, November 26, 2024

Former state university employee Taylor paid in $2K to pension fund, could collect $82K in retirement

Money759

Former state university employee Gloria Taylor, who retired in July 2016, saved $2,437 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taylor would collect as much as $81,508, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Taylor received $1,713 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Taylor will have already received $3,477 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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