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North Cook News

Friday, November 22, 2024

Former state university employee Mann paid in $54K to pension fund, could collect $985K in retirement

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Former state university employee Beverly Mann, who retired in January 2016, saved $54,177 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mann would collect as much as $985,324, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Mann received $20,710 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mann will have already received $64,012 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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